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Agritech
The startup raised the funding via a mix of primary and secondary transactions at a pre-money valuation of INR 3,000 Cr
The round saw participation from existing investors Narotam Sekhsaria Family Office, Vertex Ventures SEAI, and new investors Vertex Growth Fund and Anicut Equity Continuum Fund
Pilgrim said it would deploy the capital to strengthen its omnichannel presence, especially offline presence, and boost its research and development capabilities
D2C beauty and personal care brand Pilgrim
The round saw participation from existing investors Narotam Sekhsaria Family Office, Vertex Ventures SEAI, and Mirabilis Investment Trust. Vertex Growth Fund and Anicut Equity Continuum Fund were the new investors to join the startup’s cap table, Pilgrim said in a statement.
However, the Mumbai-based startup did not reveal the names of the investors who sold their stakes via the secondary sale.
The startup plans to deploy the fresh capital to strengthen its omnichannel presence, especially offline presence, and also boost its research and development capabilities. It said that a part of the freshly raised funds would be used to build on its existing online profitability.
“With this capital, we will expand our offline reach and bolster R&D to align with modern consumer preferences,” Pilgrim cofounder Gagandeep Makker said.
Founded in 2019 by Anurag Kedia and Makker, Pilgrim sells beauty and body care products. The startup claims to use natural ingredients in its products, avoiding use of toxic substances such as sulphate and parabens in their products.
It sells its products via its website and app, ecommerce and quick commerce platforms, and offline stores. The brand has stores in cities such as Bengaluru, Hyderabad, Thane, among others.
Prior to the latest round, Pilgrim had raised a total funding of over $30 Mn.
On the back of rising digitisation and increasing disposable income, the country’s D2C market is seeing rapid growth and is expected to become a $300 Bn opportunity by 2030. As a result, investors are also bullish on the space.
According to Inc42’s annual funding report, ecommerce startups raised a total of $1.5 bn in 2024, out of which $595 Mn was raised by D2C brands across 115 deals.
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