Direct-to-consumer (D2C) beauty and personal care brand, Pilgrim, has successfully secured Rs 200 crore ($23 million) in a combination of primary and secondary funding. This investment round included participation from existing backers such as the Narotam Sekhsaria Family Office (NSFO), Vertex Ventures SEA, Sattva Family Office, and Mirabilis Investment Trust. Additionally, new investors like Vertex Growth Fund and Anicut Equity Continuum Fund joined the round.
Strengthening R&D and Offline Presence
According to an official statement from the company, this fresh infusion of capital will be used to accelerate its offline expansion and enhance research and development (R&D) capabilities. While Pilgrim has already established itself as a profitable brand in the online market, this funding will aid its journey toward a stronger omnichannel presence. The company is focusing on sustainable growth across both online and offline platforms.
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Valuation and Funding Milestones
With this funding round, Pilgrim’s pre-money valuation has soared to nearly Rs 3,000 crore ($350 million). The brand has now raised a total of approximately $50 million in funding to date.
Journey and Product Offerings
Pilgrim, founded in 2019 by Anurag Kedia, has built a strong portfolio of over 90 stock-keeping units (SKUs). Its product categories span face care, hair care, skincare, and fragrances. The company caters to a vast customer base across 25,000 pin codes in India. One of its key differentiators is the use of globally sourced ingredients from regions like France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers.
Expanding Physical Retail Presence
Currently, Pilgrim operates 10 exclusive brand outlets (EBOs) in major cities such as Mumbai, Bengaluru, and Hyderabad. With an aggressive retail expansion strategy, the company aims to double its store count by adding 10 more outlets by the end of the year.
Financial Performance and Future Growth
In terms of financial performance, Pilgrim experienced a significant 2.6X rise in its operating revenue. The revenue surged from Rs 76 crore in FY23 to Rs 198.79 crore in FY24. Despite its rapid expansion, the company has managed to control its losses, which saw only a modest 14% increase to Rs 26.34 crore during this period.
Looking ahead, Pilgrim is currently operating at a gross Annual Run Rate (ARR) of Rs 800 crore. The brand has set an ambitious goal to reach an ARR of Rs 1,000 crore by the end of 2025, signifying its commitment to scaling its business while maintaining profitability.
With a well-planned strategy, a robust product lineup, and a growing retail presence, Pilgrim is poised to become a dominant player in India’s beauty and personal care market.
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