Pilgrim, a startup operating in the field of beauty and personal care, on Tuesday said it has raised USD 20 million (around Rs 166.6 crore) in a funding round.
This Series B round was led by Vertex Ventures Southeast Asia and India along with existing investors Fireside Ventures & Narotam Sekhsaria Family Office, a joint statement said.
The company currently has an annual run rate of Rs 300 crore and aims to scale it to Rs 1,000 crore by 2025 on the back of its commitment to robust R&D and consumer-centricity.
Pilgrim, which is serving over five lakh consumers monthly, will deploy this funding to increase brand building, and R&D, and bolster offline expansion within India, it added.
“Pilgrim has been steadfast in crafting efficacious solutions tailored to individual consumer needs and co-creating products alongside our customers. This approach has empowered us to introduce groundbreaking innovations, reshaping the landscape of India’s beauty and personal care market,” its co-founders Anurag Kedia and Gagandeep Makker said.
Earlier, in the Series A round, Pilgrim had raised a total fund of Rs 48 crore. It had raised Rs 13 crore led by Fireside Ventures along with Angel Investors, including founding teams from BoAt, NoBroker, and the Founder-CEO of Bewakoof.com.
Further, it had raised the remaining amount in a bridge round led by Fireside Ventures and Narotam Sekhsaria Family Office.
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First Published: Sep 26 2023 | 6:03 PM IST