Mumbai-based beauty and personal care brand Pilgrim has raised 200 crore rupee (US$23 million) through a mix of primary and secondary transactions.

This round values the company at a pre-money valuation of 3,000 crore rupee (US$346 million).

Existing investors, including Narotam Sekhsaria Family Office, Vertex Ventures SEAI, and Mirabilis Investment Trust, participated, along with new investors Vertex Growth Fund and Anicut Equity Continuum Fund.

Pilgrim plans to use the funding to expand its omnichannel presence, focusing on offline growth and enhancing research and development. The company also aims to maintain profitability in its online channels.

Founded in 2019 by Anurag Kedia and Gagandeep Makker, Pilgrim offers beauty and body care products free from sulphates and parabens. It sells through its website, app, e-commerce platforms, quick commerce platforms, and offline stores in some cities.

Before this round, Pilgrim had raised over US$30 million.