The two-year-old beauty and personal care brand pilgrim recently raised 13 crores in a Series A funding round. The beauty brand pilgrim looks to offer native beauty traditions from around the world, through its skin and hair care products. The company's products are completely vegan and free from toxins like Paraben, Sulfate, and Mineral Oil.
The capital infusion was led by Fireside Ventures and Rukam Capitals. The event also witnessed participation from investors of Boat, NoBroker, along with Prabhkiran Singh, founder, and chief executive of Bewakoof.com. The series funding round is followed by an angel round. The company raised an amount of 1.8 crores from its angel round which was held a year and a half ago.
What is an angel round?
Whenever you enter or start a business, you have angels. These are those people who initially invest in your company to kick-start your business. A series round is the first round of funding after you have proven your ability as a start-up.
The start-up first launched its products in May 2020. Currently, the brand offers two ranges of products to consumers. The first range is a ‘K-Beauty’ range and is called ‘Secrets of Jeju Island, Korea’. The amount of investment received from this funding round will be used to enhance the R&D capabilities of the company. While the company’s current approach to reach its consumers is through the D2C channel, they plan to expand their approach later in the future. They even have partnerships across the globe to drive R&D and innovation for beauty products.
The company aims to bring global beauty rituals and ingredients to Indian consumers. In a short period, the company has created a differentiated position in the market. Their belief and objective are to enhance their operations substantially to serve millions of consumers across the globe.
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