Pilgrim Secures Rs 200 Crore for Expansion and R&D

Pilgrim, a direct-to-consumer (D2C) brand in the beauty and personal care sector, has successfully raised Rs 200 crore (approximately $23 million) through a combination of primary and secondary funding. This round attracted contributions from a number of existing investors, including the Narotam Sekhsaria Family Office (NSFO), Vertex Ventures SEA, Sattva Family Office, and Mirabilis Investment Trust. Additionally, new investors such as Vertex Growth Fund and Anicut Equity Continuum Fund participated.

This investment will enable Pilgrim’s strategic growth into offline distribution while enhancing its research and development capabilities. According to the company, it has already achieved profitability in its online segment, and this funding will aid in developing a robust omnichannel presence.

A report by Startup Superb first disclosed this funding round in August of the previous year. Pilgrim’s valuation has increased significantly, now standing at around Rs 3,000 crore (about $350 million) pre-money, and their total funding to date has reached roughly $50 million.

About Pilgrim and Its Product Offerings

Established in 2019 by Anurag Kedia, Pilgrim provides over 90 stock-keeping units (SKUs) focusing on face care, hair care, skincare, and fragrances, catering to customers across more than 25,000 pin codes. The company highlights that its products are crafted using ingredients sourced from diverse locations including France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers.

Expansion Plans and Financial Performance

Currently, Pilgrim operates 10 exclusive brand outlets (EBOs) in Mumbai, Bengaluru, and Hyderabad and is on track to open an additional 10 by the year’s end. The Mumbai-based company has also reported a remarkable 2.6X growth in operating revenue, increasing from Rs 76 crore in FY23 to Rs 198.79 crore in FY24. Despite this rapid expansion, losses have been kept to a minimum, with a modest increase of only 14%, amounting to Rs 26.34 crore during the same period.

Future Goals

With a current gross Annual Run Rate (ARR) of Rs 800 crore, Pilgrim is targeting an ARR of Rs 1,000 crore by the end of 2025.