D2C brand Pilgrim raises ₹13 cr in Series A funding
Premium- The company will use the current fundraise to enhance its research and development capabilities and will look to expand its team and brand investments
Bengaluru: Direct-to-consumer beauty and personal care brand, Pilgrim, on Tuesday said it has raised ₹13 crore as part of its Series A fundraise led by Fireside Venture and Rukam Capital.
Other angel investors which are a part of founding teams of Boat, NoBroker, along with Prabhkiran Singh, founder and chief executive of Bewakoof, also participated as a part of this fundraise.
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According to the company, it will use the current fundraise to enhance its research and development (R&D) capabilities and will look to expand its team and brand investments.
Pilgrim plans to expand its team by 50% over the next s months.
The two-year old consumer brand, Pilgrim, looks to offer native beauty traditions from around the world, through its skin and hair care products. The brand claims its products to be completely vegan and free from toxins like paraben, sulfate and mineral oil.
“At the core of Pilgrim exists a passionate team that is curating ‘native’ global experiences and not merely importing global ingredients. This funding strengthens our belief in the potential of the Indian D2C personal care and beauty industry. It takes us closer to our vision of empowering the modern millennials with global beauty rituals at the click of a button," said Anurag Kedia co-founder of Pilgrim.
The startup first launched its products in May, last year. It claims to have witnessed an annual revenue run rate of ₹18 crore within a year of launch.
“The founding team of Pilgrim has a unique vision of bringing the best of global beauty rituals and ingredients to Indian consumers. They have the right attitude and skill-sets to be able to achieve this vision. In a short span of time, Pilgrim has created a differentiated position in the market and the consumer feedback is very encouraging. We believe that Pilgrim will serve the millennial consumers globally and will become an international beauty brand in the future," said Vinay Singh, co-founder and partner, Fireside Ventures.
At present, Pilgrim offers two ranges of products to consumers. The first range is a ‘K-Beauty’ range and is called ‘Secrets of Jeju Island, Korea’. The second range is around the french anti-ageing beauty tradition of vinotherapy and uses common grape vine as a key ingredient.
“Pilgrim is an innovative and unique beauty brand that is making the best of global traditions accessible to millions of people. We believe that this brand will be the major disruptor in the global beauty and personal care market in the near future," said Archana Jahagirdar, managing partner, Rukam Capital.
The company also has partnerships across the globe to drive R&D and innovation for beauty products.
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