Direct to Consumer(D2C) beauty and skincare brand Pilgrim revealed on Tuesday that it has raised Rs 13 crore in series A financing round from Fireside Venture and Rukam Capital. Founder of Boat, NoBroker, along with Prabhkiran Singh, founder, and chief executive of Bewakoof, also actively contributed to the current funding round.
Pilgrim Raises Rs 13 Crore
Founded in 2019, Pilgrim has collected approximately Rs 13 crore in series A funding led by Fireside Venture and Rukam Capital. Pilgrim is a natural skin and hair care brand. It claims that all its products are vegan and toxins-free.
As per the company’s official statement, the startup will use the current funds in expanding its team and brand awareness. The startup will also enhance its Research and Development capabilities to offer better products to its customers. The company also wants to expand its team by 50% in the coming few months.
Talking about the startup and its vision, Anurag Kedia co-founder of Pilgrim said:
“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.”
In May 2020, Pilgrim launched its products first time for consumer use. And it recorded a revenue of Rs 18 crore within one year, as per the startup’s claim. It is a huge achievement for a newly established startup to get a revenue of Rs 18 crore in the first year.
What do Investors say about Pilgrim?
Fireside Ventures who led the Series A funding round is quite happy with Pilgrim’s recent progress. Fireside also praised the startup’s approach to bring toxin-free beauty products for Indian consumers.
Talking about Pilgrim further, Vinay Singh, co-founder, and partner, Fireside Ventures said:
“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.”
He further added:
“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.”
Currently, Pilgrim provides two ranges of products in the market. The first is a ‘K-Beauty’ range and is called ‘Secrets of Jeju Island, Korea’. The second range is about the french anti-aging beauty tradition of vinotherapy and uses the common grapevine as a key ingredient.
Talking about the unique products of Pilgrim, Archana Jahagirdar, managing partner, Rukam Capital said:
“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 shortly.”
