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Exclusive: Pilgrim raises $9 Mn with 3X valuation surge

EntrackrEntrackr · 12m ago
Exclusive: Pilgrim raises $9 Mn with 3X valuation surge
Medial

Beauty and personal care D2C firm Pilgrim has raised Rs 75 crore (approximately $9 million) in its extended Series B round led by Fireside and Vertex Ventures. The board at Pilgrim has passed a special resolution to issue 854 Series B1 and B2 preference shares at an issue price of Rs 8,77 655 each to raise Rs 75 crore or $9 million, its regulatory filing accessed from the Registrar of Companies shows. Fireside and Vertex Ventures pumped in Rs 25 crore and Rs 23 crore, respectively. NSFO Ventures, Mirabilis Investment, and NABS Vriddhi cumulatively invested Rs 27 crore during the round. The company will use these proceeds for expansion and general corporate purposes as decided by the board, the filings further added. According to the startup data intelligence platform TheKredible, the company’s valuation has soared to approximately Rs 2,075 crore (around $250 million) post-allotment. This marks an over threefold increase from its last funding round, of $20 million where the company was valued at $75 million. The firm may raise more funds in this round. With the recent funding, Fireside Ventures remains the largest external stakeholder with a 23% stake, followed by Vertex Ventures, which holds 11.2%. NSFO Ventures and Mirabilis Investment command 5.57% and 2.81% stakes, respectively. Founded by Anurag Kedia in 2019, Pilgrim offers more than 90 SKUs across face care, haircare, and skincare products, and fragrances in over 25,000 pin codes. The company said that it offers a wide range of products curated with ingredients from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers. The five-year-old firm has raised around $35 million across rounds including its $20 million Series B led by Vertex Ventures in 2023. The company posted 4.47X growth in scale to Rs 76 crore in FY23 from Rs 17 crore in FY22. In pursuit of growth, its losses also jumped 3X to Rs 23 crore in FY23. Pilgrim is yet to file annual results for FY24.

Exclusive: Kapiva raises $10 Mn from existing investors

EntrackrEntrackr · 11m ago
Exclusive: Kapiva raises $10 Mn from existing investors
Medial

Homegrown D2C ayurvedic nutrition brand Kapiva has raised Rs 83.5 crore (approximately $10 million) led by OrbiMed Asia with the participation of 3One4 Capital and Vertex Ventures. The board at Kapiva has passed a special resolution to issue 5,62,631 compulsory convertible preference shares to raise the aforementioned sum, its regulatory filing sourced from the Registrar of Companies shows. OrbiMed Asia led the round with Rs 52.2 crore, while 3One4 Capital and Vertex Ventures participated with Rs 11.96 crore and Rs 19.33 crore, respectively. The fresh funding appears to be part of Kapiva’s Series C round, in which the firm is aiming to raise a total of Rs 250 crore. Entrackr exclusively reported about Kapiva’s Series C round in Nov 2022. With the fresh tranche, the firm has raised Rs 132 crore in the ongoing round. It had already raised Rs 48.75 crore ($6 million) in Series C from OrbiMed and other existing investors back in October 2022. Kapiva has also increased its ESOP size by adding 1,415,00 new employee stock, bringing the total ESOP pool to 4,47,741, separate filing shows. As per the Entrackr estimates, its ESOP pool size is now worth Rs 66 crore. Kapiva will use these funds for the expansion and development of the company. Kaviva has raised over $30 million to date and has notable investors including Jetty Ventures, Fireside, OrbiMed, 3One4Capital, and others. According to the startup data intelligence platform TheKredible, the company has been valued at around $80 million post-allotment. Founded in 2015, Kapiva is an ayurvedic nutrition brand that offers natural and organic health and skincare products for hair fall, weight loss, digestion, diabetes in the form of juices, tea, oils, shakes et al. During the fiscal year ended March 2023, Kaviva registered 87% year-on-year growth to Rs 116.48 crore with a loss standing at Rs 64.5 crore in the same period. Kapiva is yet to file its annual results for FY24. While the D2C ayurveda space is crowded with plenty of organized brands, Upakarma Ayurveda, and Dr. Vaidya’s, Varalife, among others are Kapiva’s notable competitors.

WROGN raises $9 Mn from Aditya Birla Digital Fashion

EntrackrEntrackr · 10m ago
WROGN raises $9 Mn from Aditya Birla Digital Fashion
Medial

Men’s apparel brand WROGN has raised approximately Rs 75 crore (approximately $9 million) in funding from Aditya Birla Digital Fashion Ventures Ltd (ABDFVL), increasing ABDFVL’s stake in the D2C fashion brand from 17.10% to 32.84% on a fully diluted basis, as per a stock exchange filing. Earlier, in June this year, WROGN secured Rs 125 crore ($15 million) from TMRW House of Brands, an Aditya Birla Group company. This investment saw TMRW acquiring a 16% stake in WROGN, valuing the Bengaluru-based brand at around $105 million. Aditya Birla Group’s TMRW has now backed eight Indian fashion brands, including men’s casualwear brand The Indian Garage Co, casualwear Bewakoof, athleisure brand Nobero, children’s brand Nauti Nati, denim label Urbano, and casualwear brands JuneBerry and Veirdo. Founded in 2014 by siblings Anjana and Vikram Reddy, WROGN is a leading name in casual wear, offering a wide range of apparel, footwear, and accessories. Leveraging cricketer Virat Kohli’s influence, the brand has expanded its reach through exclusive brand outlets and partnerships with major e-commerce platforms. Since its inception, WROGN has raised approximately $90 million from investors like Accel, Flipkart, Virat Kohli, and Sachin Tendulkar. In November 2020, Flipkart invested an undisclosed amount in WROGN’s Series F round. Flipkart is also an investor in Hrithik Roshan’s HRX, which competes with WROGN. WROGN’s revenue from operations dropped by 29.2% to Rs 243.75 crore in FY24, down from Rs 344.3 crore in FY23. Despite implementing cost-cutting measures, the Virat Kohli-backed brand saw its losses up by 28.2%, reaching Rs 56.76 crore compared to Rs 44.26 crore in FY23, primarily due to a sharp decline in sales. According to a recent report by TMRW X Bain & Company, the fashion and lifestyle sector is India’s second-largest consumer category, valued at $110 billion, with online sales accounting for around $11 billion, or 10% of the market.

Moxie Beauty raises Rs 17.3 Cr led by Fireside Ventures

EntrackrEntrackr · 1y ago
Moxie Beauty raises Rs 17.3 Cr led by Fireside Ventures
Medial

D2C haircare brand Moxie Beauty has raised Rs 17.3 crore or $2.1 million in a new round led by Fireside Ventures. The round also saw participation from a group of angel investors, including Samir Singh (ex Unilever CMO Personal Care, Chair Unilever Asia), Arjun Purkayastha, Suhasini Sampath (founder, Yoga Bar), Navin Parwal and Sangeet Agrawal (founders, Mokobara). In April last year, the Gurugram-based startup had raised $669K in its seed round from Amplify Partners, OTP Venture Partners and others. The new proceeds will be used towards product innovation and research, hiring talent, and expanding distribution channels. Launched by Nikita Khanna and Anmol Ahlawat, Moxie Beauty makes salon-quality hair care products that are tailored for Indian hair textures. Besides essentials like shampoo and conditioner, it offers leave-in products and styling products that help tackle dryness and frizz.

D2C skincare brand Foxtale raises $30 Mn

EntrackrEntrackr · 7m ago
D2C skincare brand Foxtale raises $30 Mn
Medial

Foxtale, a direct-to-consumer (D2C) skincare brand, has secured $30 million (approximately Rs 250 crore) in a funding round led by Japanese beauty products company Kose Corporation. Existing investors Z3Partners (formerly Matrix Partners India), Kae Capital, and Panthera Growth Partners also participated in this round. This marks Foxtale's second capital infusion within a year, following an $18 million round in June 2024. The company plans to utilize the fresh capital to expand its product range and enhance its online presence. Foxtale, founded by Romita Mazumdar in 2021, is an affordable skincare brand focused on products designed for Indian skin, targeting issues such as acne, aging, and hyperpigmentation. Its products are available on its website and various marketplaces, including Nykaa, Amazon, Blinkit, Flipkart, and Myntra. According to the company, 50% of its revenue comes from its website, 40% from online marketplaces and quick commerce platforms, and the remaining 10% from offline sales channels. Founder and CEO Mazumdar claimed that Foxtale is on track to surpass Rs 300 crore in gross revenue in the current fiscal year. Foxtale competes with well-established players like Sugar Cosmetics, WOW Skin Science, Plum, MamaEarth, Minimalist, and several others.

MyDesignation raises $1.25 Mn in seed round

EntrackrEntrackr · 4m ago
MyDesignation raises $1.25 Mn in seed round
Medial

Thiruvananthapuram-based direct-to-consumer (D2C) fashion brand MyDesignation has raised $1.25 million (approximately Rs 10.7 crore) in its seed funding round led by Multiply Ventures, with participation from Veltis Capital, Sattva Ventures, Dominor Investment Holdings, and Green Trunk Ventures. According to MyDesignation, the capital will be utilized to enhance hiring, improve technology, expand offline presence, and enter new markets. Founded in 2020 by husband-wife duo Swaroop Krishnan and Gopika B Raj, MyDesignation offers fashion and lifestyle products. The brand claims to have built a customer base of over 500,000 consumers, with a 35% monthly repeat rate, and aims to double this user base within the year. MyDesignation operates independently without relying on third-party platforms or marketplaces, allowing full control over the customer journey. The firm plans to deepen its technological capabilities, expand its offline footprint, and hire talent aligned with its mission. In the competitive D2C fashion space, MyDesignation faces competition from brands like NNNOW, Nicobar, and Yepme.

D2C luggage brand uppercase raises $9 Mn led by Accel

EntrackrEntrackr · 1y ago
D2C luggage brand uppercase raises $9 Mn led by Accel
Medial

D2C luggage brand Uppercase (Acefour Accessories) has raised $9 million in a Series B round led by venture capital firm Accel. As per uppercase, it has raised the new round at a post money valuation of $60 million. In 2022, the company had raised $7 million in apPre-Series A funding round led by Sixth Sense Ventures, with participation from Volrado Venture Partners. The funding will support business expansion, aiming to increase its customer base across India, uppercase said in a press release. Founded by Sudip Ghose, uppercase sells travel gear online and through 1,800 multi-brand stores across India. Its products are priced in the range of Rs 3,500-5,000. The Mumbai-based company aims to achieve its Rs 500 crore goal by adding 250 exclusive retail stores over the next three years. Earlier this year, luggage brand Mokobara raised $12 million in a Series B funding round led by Peak XV Partners. Besides Mokobara, uppercase also competes with Assembly, Nasher Miles and EUME. While Nasher miles raised $4 million in July, EUME bagged $1.7 million in June. As per startup data intelligence platform TheKredible, uppercase reported an operating revenue of Rs 10.65 crore in FY23 with Rs 21 crore loss. The company is targeting to more than double its revenue to Rs 150 crore by FY25, up from Rs 70 crore in FY24.

D2C retail brand Nutrabay raises $5 Mn in Series A

EntrackrEntrackr · 12m ago
D2C retail brand Nutrabay raises $5 Mn in Series A
Medial

Direct-to-consumer retail brand Nutrabay has secured $5 million in Series A funding round led by RPSG Capital Ventures along with participation from Kotak Alternate Asset Managers Limited. This is the maiden institutional funding round for the Gurugram-based company. The proceeds will be used for the omni-channel expansion and ramp up new product innovation, Nutrabay said in a press release. Co-founded in 2017 by Sharad Jain, Shreyans Jain, And Divya Prakash Jain, Nutrabayoperates as a direct-to-consumer multi brand retail store housing over 100 brands along with its own private label products under the name of Nutrabay. The private label brand products are sold across its D2C website, all major eCommerce websites and offline supplement stores. According to market research, the Indian nutritional supplements market is expected to hit a valuation of $28.70 billion by 2032, at 10.7% CAGR growth. Nutrabay aims to build one large horizontal brand that spans across 3 pillar categories of sports nutrition, VMS and health food & drinks. The company says that it currently houses over 70 products and saw 80% growth in FY24 over FY23. It intends to add over 50 new products to the portfolio by the next financial year. As per startup data intelligence platform TheKredible, Nutrabay saw 4.66X revenue growth in its operating revenue to Rs 89.53 crore in FY23 from Rs 19.24 crore in FY22. Its losses increased to Rs 5.8 lakh in FY23 from a profit of Rs 32.41 lakh in FY22. Nutrabay competes with HealthKart, Optimum Nutrition, My Protein, and MuscleBlaze, among others in the category.

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