Pilgrim, a beauty and personal care brand, has raised ₹200 crore in a mix of primary and secondary funding rounds. The round saw participation from existing investors, Narotam Sekhsaria Family Office (NSFO), Vertex Ventures SEA, Sattva Family Office, and Mirabilis Investment Trust, alongside new investors, Vertex Growth Fund and Anicut Equity Continuum Fund.
The fresh funds raised will fuel its strategic expansion into offline distribution and further strengthen its R&D capabilities. While already profitable in the online segment, this investment will further strengthen the efforts to build a sustainable omnichannel presence.
Pilgrim’s valuation has surged to approximately ₹3,000 crore pre-money, bringing its total funding to date to around $50 million.
Gagandeep Makker, Co-founder of Pilgrim, said, “This investment represents a pivotal chapter in Pilgrim’s journey. 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.”
Founded in 2019 by Anurag Kedia, Pilgrim is a beauty and personal care brand that offers 90+ SKUs spanning face care, hair care, skincare, and fragrances, sourcing ingredients from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers.
Currently, Pilgrim operates 10 exclusive outlets across Mumbai, Bengaluru, and Hyderabad, with plans to add 10 more by year-end.
The company’s revenue grew 2.6X in FY24, reaching ₹198.79 crores from INR 76 crore in FY23 while keeping losses in check at ₹26.34 crores.
With a gross Annual Run Rate (ARR) of ₹800 crore, Pilgrim has set an ambitious target of hitting ₹1,000 crore ARR by the end of 2025.
