Pilgrim Secures ₹200 Crore Funding to Expand Offline Presence and Boost R&D

Major Investment for Growth

D2C beauty and personal care brand Pilgrim has successfully raised ₹200 crore ($23 million) in a combination of primary and secondary funding. The funding round 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.

Expanding Offline and Strengthening R&D

While Pilgrim has already achieved profitability in the online space, this fresh capital will fuel its offline retail expansion and enhance its research and development (R&D) capabilities. The company aims to establish a strong omnichannel presence, blending online and offline sales for sustainable growth.

Valuation and Financial Performance

Pilgrim’s pre-money valuation has skyrocketed to ₹3,000 crore ($350 million), with total funding now reaching $50 million. The company reported 2.6X revenue growth, jumping from ₹76 crore in FY23 to ₹198.79 crore in FY24, while losses increased slightly by 14% to ₹26.34 crore.
With a current gross annual recurring revenue (ARR) of ₹800 crore, Pilgrim is setting its sights on crossing ₹1,000 crore ARR by the end of 2025.

Retail Expansion and Future Plans

Pilgrim currently operates 10 exclusive brand outlets (EBOs) in Mumbai, Bengaluru, and Hyderabad, with plans to double this number by year-end. The brand, which offers 90+ SKUs across skincare, haircare, and fragrances, ships to 25,000+ pin codes.

With unique formulations featuring ingredients from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers, Pilgrim continues to strengthen its position in India’s competitive beauty and personal care market.