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

EntrackrEntrackr · 11m 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.

Neobanking startup Zolve raises $251 Mn in Series B round

EntrackrEntrackr · 4m ago
Neobanking startup Zolve raises $251 Mn in Series B round
Medial

Neobanking startup Zolve raises $251 Mn in Series B round Founded in 2021 by Raghunandan G, Zolve offers immigrants an FDIC-insured US bank account and a credit card without requiring a Social Security number in the United States. Cross-border neobanking startup Zolve has secured $251 million in an equity and debt funding round led by Creaegis, with participation from HSBC, SBI Investment, GMO Venture Partners, DG Daiwa Ventures, and existing investors Accel, Lightspeed Venture Partners, Sparta Group, and DST Global. This Series B round includes a $200 million warehouse line (debt) from Community Investment Management to fuel its growing credit portfolio across geographies. In October 2023, the company raised $100 million in a warehouse debt facility from US-based impact investor Community Investment Management (CIM). Zolve has bagged $406 million in equity and debt financing to date. This substantial investment comes as Zolve reaches the 750,000-customer mark, having facilitated the movement of over $1.2 billion. The firm claims that it became customer-level profitable in early 2024 and is on track for company-level profitability by the end of 2025. Zolve plans aggressive expansion into three key areas. Geographically, Canada is next, followed by the UK and Australia. The company will also expand its credit portfolio by launching auto loans, personal loans, and education loans. The firm aims to become a full-stack financial platform for global citizens, enabling seamless international money transfers, insurance, and investment products. This is the largest debt funding raised by an Indian-origin startup in 2025.

Compliance automation startup Sprinto raises $20 Mn led by Accel

EntrackrEntrackr · 1y ago
Compliance automation startup Sprinto raises $20 Mn led by Accel
Medial

Sprinto, a compliance automation platform for SaaS companies, has secured $20 million in Series B funding round led by Accel along with participation from existing investors Elevation Capital and Blume Ventures. With this, the Bengaluru and San Francisco-based firm has raised a total of $31.8 million to date including a $10 million Series A round in February 2022. The funds will be used for R&D with a focus on intelligent automation and AI, and expansion into new markets, Sprinto said in a press release. Launched in mid-2021 by Girish Redekar and Raghuveer Kancherla, Sprinto helps SaaS companies obtain compliances, such as SOC 2, ISO27001, GDPR and HIPAA in a quick and hassle-free manner. Sprinto helps clients create a real time monitoring system that provides visibility into the processes and policies governed by compliance checklists, and tracks the status of these systems. According to the company, it has amassed more than 1,000 customers and extended its reach to over 75 countries. Majority of its client base are in the US and Europe. It also claimed to have three-fold growth in 2023. Though, the company did not disclose other financial details. In global markets, it competes with the likes of Vanta and Drata. Last week, compliance automation platform Scrut Automation announced that it raised $10 million in a Series A round. Entrackr exclusively reported the development in February.

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