Venture Capital (VC) firm Rukam Capital made a significant profit from its investment in the beauty brand, Pilgrim. The latter is a direct-to-consumer brand that sells hair and skincare products.
The VC firm said in a statement that it had invested in Pilgrim during its early stages and recently exited, earning a 5.36x return in just two years. Rukam Capital plans to invest in other sectors such as generative AI, B2B SaaS and consumer product distribution technology.
According to a few media reports, the fund has already invested in an AI video startup and will soon make a formal announcement. Previously, Rukam Capital focused on investing in consumer brands, but now it is shifting its focus to technology. The company aims to have careful monitoring and governance structures in place while also understanding and supporting the businesses it invests in, especially during difficult market conditions.
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