D2C Brand Piligrim Raises $9 Mn From Fireside, Vertex Ventures, Others

Beauty and personal care (BPC) brand Pilgrim has reportedly raised $9 Mn (INR 75 Cr) as part of its extended Series B round led by Fireside Ventures and Vertex Ventures. 

As per the Registrar of Companies (RoC) filings accessed by Entrackr, the D2C brand’s board passed a special resolution to issue 854 Series B1 and B2 preference shares at an issue price of INR 8.77 Lakh (8,77,655 to be precise) each to raise INR 75 Cr.

While Fireside Ventures and Vertex Ventures contributed INR 25 Cr and INR 23 Cr, respectively, NSFO Ventures, Mirabilis Investment, and NABS Vriddhi cumulatively invested INR 27 Cr in the startup. 

The report said that the startup plans to use the proceeds for expansion and general corporate purposes, as decided by the board. It may also raise additional funds in this round.

Founded by Anurag Kedia and Gagandeep Makker in 2019, Pilgrim sells a range of facecare, haircare, and skincare products, and perfumes. 

Including the latest funding, the D2C brand has raised around $35 Mn across various rounds. It last bagged $20 Mn in its Series B round led by Vertex Ventures in 2023. It competes with the likes of Mamaearth, SUGAR Cosmetics, and Purplle. 

Pilgrim also featured in Inc42’s Fast42 D2C edition of 2024. The startup with over 140 SKUs is targeting an annual run rate of INR 1,000 Cr by FY25.

The startup’s parent company, Heavenly Secrets Pvt Ltd., clocked a 4.47X jump in operating revenue to INR 76.46 Cr in the financial year 2022-23 (FY23) compared to INR 16.89 Cr in the previous fiscal. 

However, its loss also jumped more than 3X year-on-year (YoY) to INR 23.06 Cr in FY23.