The direct-to-consumer beauty and health care startup has raised nearly 13 crores during a Series A funding round that starred the bigshots of the investment industry. The round was led by Fireside Ventures, Rukum Capital along with the founding teams of Boat, NoBroker, and the Founder-CEO of Bewakoof.com.
The capital raised is going to help the Indian Startup primarily in enhancing R&D capabilities, team expansion, and brand awareness, stated in a press release, released on Tuesday.
In a recent release, the co-founder and the chief executive officer Anurag Kedia of Heavenly Secret, a company that operates the rising startup Pilgrim said, Pilgrim’s brand investments will be made with the aim of bringing global experiences into the team and delivering it to the Indian consumers. The products of Pilgrim are FDA approved and free from parabens, sulfates, and mineral oils which are responsible for delivering toxins to the skin, this feature is being liked by consumers.
The company has already taken the step to make its products available on multiple eCommerce platforms and the products are available on the company’s websites as well as on marketplaces such as Amazon, Nykaa, and Flipkart. "At some point, we will look at omnichannel expansion but right now our focus is on D2C," Kedia said.
Pilgrim’s annual recurring revenue, which is a metric used to evaluate the growth and business of subscription-led businesses, totals to a new paramount of rupees 18 crores. The startup is initially retailing its products from its dedicated e-commerce store and app as well as platforms that have already established a good rapport in the eCommerce world, Indian startup plans to expand into omnichannel retail in the near future but will focus on its primary direct-to-customer business for the present as it’s the one that led the company to success.
This speaks volumes for the future of Indian D2C startups and this year especially has brought new hopes for such organizations. Almost 2 billion dollars have been raised by Indian Startups since 2014. Now, when pilgrim has raised a nice chunk of Capital Funding, all promising startups and the upcoming startups in India have started the talks with investors and planning expansion in their domain. Not only this is a piece of great news for the world economy after the Covid-19 impact on startups but also great for the Indian economy that is still recovering from the collapse of 2020.
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