Beauty care firm Pilgrim raises $20 mn in funding for business expansion

Company says it will use money for brand building, research, and bolstering its offline presence

Pilgrim, a beauty and personal care brand, has raised $20 million in funding led by Vertex Ventures Southeast Asia and India along with existing investors Fireside Ventures and Narotam Sekhsaria Family Office.

Pilgrim said it has annual recurring revenue (ARR) of Rs 300 crore and it aims to increase the number to Rs 1,000 crore by 2025. Founded in 2019 by IIT alumni Anurag Kedia and Gagandeep Makker, Pilgrim has 5 million customers and it adds 500,000 more every month.

The firm said it will use the Series B funding for brand building, research, and bolstering its offline presence in India, where the beauty and personal care market is potentially worth $30 billion.

“Pilgrim has been steadfast in crafting efficacious solutions tailored to individual consumer needs and co-creating products alongside our customers,” said Kedia and Makker in a statement. “The faith of (investors) in our solid business fundamentals fuels our ambition to emerge as frontrunners in India's expansive beauty and personal care sector.”

Kanika Mayar, partner at Vertex Ventures SEA & India, said Pilgrim is enabling access to high-quality products for Indian customers at their doorstep.

Vinay Singh, founding partner at Fireside Ventures, said Pilgrim has built a great relationship with its customers.