Pilgrim, a beauty and personal care (BPC) brand, has raised $20 million in Series B round led by Vertex Ventures Southeast Asia and India (VVSEAI), according to moneycontrol report.
Existing investors Fireside Ventures & Narotam Sekhsaria Family Office, also participated in the round, the company said.
The startup, which claims to be adding 5 lakh customers a month, said it would use the capital to build the brand, invest in R&D and expand offline footprint in the country, reinforcing the growing realisation among direct-to-customer (D2C) companies that omnichannel is the way to scale business.
“Our commitment to sourcing world beauty ingredients and addressing consumer requirements remains unwavering…faith in our solid business fundamentals fuels our ambition to emerge as frontrunners in India’s expansive beauty and personal care sector,” the company said in a statement.
Founded in 2019, Pilgrim has over 90 stock-keeping units (SKUs) across face, hair and skincare products and is building in the BPC space, a market which is estimated to reach $30 billion by 2027, growing at a compounded growth rate (CAGR) of 10 percent from 2022.
Founders Anurag Kedia and Gagandeep Makker said Pilgrim was making products that were unique to each customer, a trend analysts highlighted in the past.
“Globally, there’s a growing need among consumers for products ‘made for them’, tailored to individual skin or body types. They are increasingly willing to pay premiums for effective and safe solutions, leading to rapid growth in the masstige and premium categories,” Rohan Agarwal, Partner, Redseer Strategy Consultants, said.
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