Pilgrim, a direct-to-consumer beauty and personal care brand, has raised Rs200 crore ($23 million) in a primary and secondary funding round. In addition to new investors Vertex Growth Fund and Anicut Equity Continuum Fund, the round included existing investors Narotam Sekhsaria Family Office (NSFO), Vertex Ventures SEA, Sattva Family Office, and Mirabilis Investment Trust.
According to a press release, this investment will bolster Pilgrim's R&D capabilities and facilitate its strategic foray into offline distribution. The business claims that it is already making money online and that this investment will enable it to establish a sustained omnichannel presence.
With a pre-money valuation of about Rs3,000 crore ($350 million), Pilgrim has raised about $50 million in funding so far.
Pilgrim, founded in 2019 by Anurag Kedia, offers over 90 SKUs in face care, hair care, skincare, and fragrances, with customers in over 25,000 pin codes. According to the company, ingredients for its products are carefully chosen from the Amazon Rainforest, France, Korea, Spain, Australia, and the Swiss glaciers.
With plans to open an additional ten by the end of the year, Pilgrim currently runs ten exclusive brand outlets (EBOs) in Hyderabad, Bengaluru, and Mumbai.
Operating revenue for the Mumbai-based company increased by 2.6 times to Rs 198.79 crore in FY24 from Rs 76 crore in FY23. With a 14% increase to Rs 26.34 crore over the period, the company managed to control losses despite its expansion.
By the end of 2025, Pilgrim hopes to have increased its gross annual run rate (ARR) from Rs 800 crore to Rs 1,000 crore.
