Direct-to-consumer skincare and personal care brand Pilgrim has raised Rs 200 crore in a new funding round, comprising a mix of primary and secondary capital, valuing the company at approximately Rs 3,000 crore (around $346.3 million) pre-money.
The round saw participation from existing investors, including Narotam Sekhsaria Family Office, Vertex Ventures SEAI, and Mirabilis Investment Trust, alongside new investors Vertex Growth Fund and Anicut Equity Continuum Fund.
VCCircle reported last month that Pilgrim was receiving investor interest for a fresh funding round.
The new funding will help build on the brand's existing online profitability, deepen its offline presence, and enhance its research and development capabilities, Pilgrim said in a release. The capital infusion will accelerate the company’s growth and market expansion in India and internationally.
"With this capital, we will expand our offline reach and bolster R&D to align with modern consumer preferences. The continued trust from our investors validates our vision," said Gagandeep Makker, co-founder of Pilgrim.
Founded in 2020 by Anurag Kedia and Makker, Pilgrim is a digital-native beauty brand with a diverse portfolio, spanning skincare, haircare, and color cosmetics. The company combines globally sourced natural ingredients with scientific formulations.
Pilgrim sells over 90 products via its website, app, and major e-commerce platforms. The company claims a gross annual run rate (ARR) exceeding Rs 800 crore and is currently focused on rapidly expanding its retail presence.
In September 2023, the company had raised around $20 million (Rs 173.2 crore) in its Series B round of funding, led by Vertex Ventures. Fireside Ventures also participated in the round. In addition, two investors and several family offices invested another $9 million in the company last year, according to VCCEdge, the data research platform of VCCircle.
India's beauty and personal care sector has recently attracted increased investor attention. In January, consumer goods giant Hindustan Unilever Ltd acquired personal care brand Minimalist. Meanwhile, D2C skincare brand Foxtale also secured Japanese multinational KOSÉ Corporation as the lead investor for its Series C round.