Beauty and personal care D2C brand Pilgrim has raised Rs 200 crore ($23 million) through a mix of primary and secondary funding round. The 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.
This capital will fuel Pilgrim’s strategic expansion into offline distribution and further strengthen its R&D capabilities, the company said in a press release. According to the company, it is already profitable in the online segment, and this investment will further support its efforts to build a sustainable omnichannel presence.
startupvichar exclusively reported on this round in August last year.
Pilgrim’s valuation has surged to approximately Rs 3,000 crore ($350 million) pre-money, bringing its total funding to date to around $50 million.
Founded by Anurag Kedia in 2019, Pilgrim offers more than 90 SKUs across face care, hair care, skincare, and fragrances, serving customers in over 25,000 pin codes. The company states that its products are curated using ingredients sourced from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers.
Pilgrim currently operates 10 exclusive brand outlets (EBOs) across Mumbai, Bengaluru, and Hyderabad and plans to open 10 more by the end of the year.
The Mumbai-based company reported a 2.6X growth in operating revenue to Rs 198.79 crore in FY24 from Rs 76 crore in FY23. Despite its expansion, the company managed to keep losses under control, with an increase of only 14% to Rs 26.34 crore during the period.
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.