Mumbai-based D2C beauty and personal care brand Pilgrim has secured ₹200 crore ($23 million) in a fresh funding round, combining primary and secondary investments. This round brought in Vertex Growth Fund and Anicut Equity Continuum Fund as new investors, while existing backers Narotam Sekhsaria Family Office (NSFO), Vertex Ventures SEA, Sattva Family Office, and Mirabilis Investment Trust doubled down on their commitment.
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The latest capital injection has pushed Pilgrim’s pre-money valuation to approximately ₹3,000 crore ($350 million), with total funding now nearing $50 million.
Where the Money’s Going
Pilgrim, which has already established itself as a profitable online-first brand, plans to use this funding to expand aggressively into offline retail while doubling down on R&D and product innovation. The brand currently operates 10 exclusive brand outlets (EBOs) across Mumbai, Bengaluru, and Hyderabad and has plans to open 10 more by the end of the year.
Surging Revenues, Controlled Losses
Pilgrim is on a high-growth trajectory, having reported a 2.6X jump in revenue—from ₹76 crore in FY23 to ₹198.79 crore in FY24. Despite scaling rapidly, the company has kept its losses in check, with only a 14% increase to ₹26.34 crore during the same period.
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Aiming for ₹1,000 Crore ARR
Currently operating at a gross Annual Run Rate (ARR) of ₹800 crore, Pilgrim is targeting ₹1,000 crore ARR by the end of 2025.
The Pilgrim Journey
Founded in 2019 by Anurag Kedia, Pilgrim has built a unique brand identity by sourcing ingredients from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers. The company offers 90+ SKUs across skincare, haircare, face care, and fragrances, reaching customers in over 25,000 pin codes across India.
With its latest funding and a clear omnichannel strategy, Pilgrim is setting its sights on becoming a dominant force in India’s beauty and personal care market.
