Beauty and personal care brand Pilgrim has raised $20 million in Series B funding led by Vertex Ventures Southeast Asia and India, along with existing investors Fireside Ventures and Narotam Sekhsaria Family Office.
Founded in 2019, it has 5 million customers. The company says it will use the funding in brand building, R&D, and offline expansion within India
“Our commitment to sourcing world-class beauty ingredients and addressing consumer requirements remains unwavering, bolstered by the invaluable support of our esteemed partners, Vertex Ventures, Fireside Ventures, and the Narotam Sekhsaria Family Office. Their faith in our solid business fundamentals fuels our ambition to emerge as frontrunners in India’s expansive beauty and personal care sectors,” Anurag Kedia and Gagandeep Makker, co-founders of Pilgrim, said in a statement.
The company targets raising its annual recurring revenue (ARR) from Rs 300 crore to Rs 1,000 crore by 2025.
It says it has solidified its position as a promising player in India’s potential $30-billion beauty and personal care market.
According to Kanika Mayar, Partner at Vertex Ventures SEA and India, the brand, with its strong product formulations and international ranges, is enabling access to high-quality and effective products for Indian customers right at their doorstep.