Pilgrim, a direct-to-consumer (D2C) personal care brand, has successfully secured $20 million (approximately INR 166 crore) in a funding round. This funding round was spearheaded by Vertex Ventures Southeast Asia and India, the venture capital arm of Temasek, and also featured contributions from Pilgrim’s existing investors, Fireside Ventures and the Narotam Sekhsaria Family Office.
Established in 2019 by Anurag Kedia and Gagandeep Makker, Pilgrim specializes in the sale of personal care items across various categories such as facial and hair care, as well as bath and body products. The company proudly asserts that its product line is FDA-approved and entirely devoid of parabens, sulfates, and mineral oils. With a growing customer base, the direct-to-consumer brand boasts more than 5 million customers, and it continues to expand with an impressive addition of 500,000 new customers each month.
Before the current funding round, Pilgrim had previously secured INR 1.8 crore in an angel round and INR 13 crore in its Series A round in June 2021. In total, the startup is reported to have raised approximately INR 48 crore in funding.
With the incoming funding, the direct-to-consumer (D2C) brand intends to allocate resources towards research and development endeavors, strengthening its brand identity, and enhancing its offline footprint. Pilgrim has ambitious plans to inaugurate five exclusive outlets by the conclusion of this year, with a strategic focus on cities including Mumbai, Chennai, Bengaluru, and New Delhi.
In May 2023, the company appointed Vishakh Narendran as its Chief Business Officer (CBO) with the aim of expediting its foray into the offline market. Presently, the direct-to-consumer (D2C) brand asserts its presence in approximately 300 partner stores where it offers a range of beauty and personal care products.
In a statement, Co-Founders Kedia and Makker, said, “Our commitment to sourcing world beauty ingredients and addressing consumer requirements remains unwavering, bolstered by the invaluable support of our esteemed partners, Vertex Ventures, Fireside Ventures, and the Narotam Sekhsaria Family Office. Their faith in our solid business fundamentals fuels our ambition to emerge as frontrunners in India’s expansive beauty and personal care sector.”
The D2C brand has recently unveiled a loyalty program called PilgrimTRIBE, specially designed for frequent shoppers. This program grants customers PilgrimMILES for each transaction, allowing them to redeem these rewards on future purchases.
The brand competes fiercely in India’s highly competitive personal care industry, going head-to-head with prominent players like Mamaearth, SUGAR Cosmetics, Juicy Chemistry, Nykaa, and numerous other direct-to-consumer (D2C) brands. According to the Q3 2023 State Of Indian Ecommerce Report by Inc42, the beauty and personal care market, valued at $4 billion in 2022, is projected to experience substantial growth, reaching $28 billion by 2030, driven by a robust Compound Annual Growth Rate (CAGR) of 27%.
