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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
D2C beauty brand Pilgrim raises 200 crore in a mix of primary, secondary funding
Pilgrim has raised Rs 200 crore through a mix of primary and secondary funding.
The round was led by existing investor Narotam Sekhsaria Family Office (NSFO) and saw participation from Vertex Ventures SEA, Sattva Family Office, and Mirabilis Investment Trust. New investors Vertex Growth Fund and Anicut Equity Continuum Fund also joined the round.
The Mumbai-based company said it was valued at Rs 3,000 crore before the latest funding. With this round, its total capital raised across primary and secondary rounds now stands at around Rs 421 crore.
Pilgrim declined to disclose details of investors selling shares in the round or its valuation after the funding.
In a secondary transaction, an existing investor sells shares, in part or full, to another investor, compared to a primary investment, and the money doesn’t come to the company.
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Pilgrim plans to use the fresh funds to expand its offline distribution, strengthen research and development (R&D) capabilities, and enhance its omnichannel presence. The company said it aims to achieve an annual revenue run rate (ARRR) of Rs 1,000 crore by the end of 2025.
Founded in 2019 by Gagandeep Makker and Anurag Kedia, Pilgrim offers over 250 products across haircare, skincare, makeup, and fragrances, selling through both online and offline channels. Its products are available on its website, mobile app, and platforms like Amazon, Nykaa, Flipkart, Zepto, Blinkit, and Instamart, serving over a million customers monthly.
The company said its products are
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