D2C beauty brand Pilgrim raises Rs 200 Cr in a mix of primary and secondary rounds

D2C beauty and personal care brand Pilgrim has raised Rs 200 crore in a mix of primary and secondary rounds at a pre-money valuation of Rs 3,000 crore.

After the infusion, Pilgrim added the Vertex Growth Fund and Anicut Equity Continuum Fund to its captable. The round also witnessed participation from Narotam Sekhsaria Family Office, Vertex Ventures SEAI, and Mirabilis Investment Trust.

Founded in 2020, Pilgrim plans to use the funds to reinforce its existing online profitability, double down on its offline channel, and make investments in its R&D efforts.

"With this capital, we will expand our offline reach and bolster R&D to align with modern consumer preferences. The continued trust from our investors validates our vision," noted Gagandeep Makker, Co-founder of Pilgrim 

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Mumbai-based Pilgrim offers skincare, haircare, and colour cosmetics through its D2C website, ecommerce and quick commerce platforms. It has a gross annual run rate of more than Rs 800 crore.

It last raised $20 million in a Series B round led by Vertex Ventures Southeast Asia and India, along with participation from existing investors, Fireside Ventures and Narotam Sekhsaria Family Office. The Series B round also led Rukam Capital, its Series A round investor, to exit with a 5.36X return.

Earlier this year, D2C skin care brand Foxtale raised $30 million in its series C round from KOSÉ Corporation, and existing investors Panthera Growth Partners, Z47, and Kae Capital. Just after, skincare brand Deconstruct also raised Rs 65 crore in a funding round from L’Oréal’s VC fund BOLD, V3 Ventures, and DSG Consumer Partners.