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Beauty and personal care D2C brand Pilgrim has raised Rs 200 crore ($23 million) through a mix of primary and secondary funding round led by existing investor Narotam Sekhsaria Family Office (NSFO).
This round also saw participation from existing investors, Narotam Sekhsaria Family Office (NSFO), Vertex Ventures SEA, Sattva Family Office, and Mirabilis Investment Trust, along with new investors, Vertex Growth Fund and Anicut Equity Continuum Fund.
The fresh proceeds will help Pilgrim expand into offline distribution and improve its R&D capabilities, the company said in a press release. Pilgrim is already profitable in the online market, and this funding will support its goal of building a sustainable omnichannel presence, according to the company.
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“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,” said Gagandeep Makker.
About Pilgrim
Founded in 2019 by Gagandeep Makker and Anurag Kedia, the Mumbai-based Pilgrim offers over 90 products in categories like face care, hair care, skincare, and fragrances, reaching customers in 25,000+ pin codes. The company uses ingredients sourced from places like France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers.
Currently, Pilgrim operates 10 exclusive brand outlets in Mumbai, Bengaluru, and Hyderabad, with plans to open 10 more by the end of the year.
The company reported a 2.6X growth in operating revenue, reaching Rs 198.79 crore in FY24, up from Rs 76 crore in FY23. Despite expanding, Pilgrim kept its losses low, increasing by only 14% to Rs 26.34 crore.
With a current gross Annual Run Rate (ARR) of Rs 800 crore, Pilgrim aims to reach an ARR of Rs 1,000 crore by the end of 2025.
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