Beauty and personal care brand Pilgrim raises Rs 200 crore in funding for further expansion

Beauty and personal care brand Pilgrim has raised Rs 200 crore through a mix of primary and secondary funding. 

The round included both existing backers—Narotam Sekhsaria Family Office (NSFO), Vertex Ventures SEA, Sattva Family Office, and Mirabilis Investment Trust—and new investors Vertex Growth Fund and Anicut Equity Continuum Fund.

This latest investment boosts Pilgrim's pre-money valuation to about Rs 3,000 crore and pushes its total funding to date to nearly Rs 400 crore (about $50 million).

Pilgrim's market presence

Pilgrim was founded in 2019 by Anurag Kedia and Gagandeep Makker, with its formal launch following in 2020. The company has quickly built a loyal customer base by offering more than 90 SKUs across skincare, hair care, face care, fragrances, and colour cosmetics. 

It claims to serve over 25,000 pin codes nationwide, and this fresh infusion of capital will help Pilgrim expand further into offline distribution while strengthening its research and development capabilities. 

Presently, Pilgrim operates 10 exclusive brand outlets in Mumbai, Bengaluru, and Hyderabad, and plans to open 10 more by the end of the year.

Financial performance

Pilgrim has reported significant growth in recent quarters, with operating revenue jumping to Rs 198.79 crore in FY24 from Rs 76 crore in FY23. 

Despite this rapid expansion, losses only rose by 14%, totalling Rs 26.34 crore during the same period. The company's current gross annual run rate is Rs 800 crore, and it aims to reach an ARR of Rs 1,000 crore by the end of this year.

Profitability and omnichannel strategy

Although Pilgrim is already profitable in its online segment, the new funding will help the company build a sustainable omnichannel presence.

"This investment represents a pivotal chapter in Pilgrim's journey," Gagandeep Makker said. "Our unwavering commitment to delivering innovative, ingredient-driven beauty solutions has fostered deep consumer loyalty and established us as a category leader in the beauty space." 

"With this new capital, we are poised to expand our offline presence and enhance our research and development capabilities. The unwavering trust of our investors is both a validation of our vision and a catalyst for what's next," Makker added.