By Abhay Ray 
Introduction
Beauty and personal care D2C brand Pilgrim has raised ₹ 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.
About Pilgrim
Founded by Anurag Kedia and Gagandeep Makker in 2019, Pilgrim is an innovative, homegrown D2C Beauty and Personal Care brand which offers native beauty traditions from around the world, right at your doorstep. It brings together unique global cultural experiences, connecting with the wanderlust spirit of a modern millennial. Hence,the name – Pilgrim. The brand is devoted to “clean beauty”, is strictly against Animal Testing, and provides its customers 100% vegan products. What makes them unique Pilgrim offers borderless beauty experiences through its curation of global skincare rituals and ingredients. It differs from other skincare brands on the unique proposition that it offers native beauty secrets from around the world. Presently, the company offers two ranges. Pilgrim’s Secrets of Jeju Island, Korea Range of products are expertly crafted with skin-nourishing powerhouses such as Volcanic Lava Ash, Camellia, White Lotus, and Yugdugu among others. The Secrets of Vinothérapie, Bordeaux, France Range has Red Vine with powerful anti-aging properties as its star ingredient.
Challenges Faced
The journey as an entrepreneur is filled with challenges. However, it’s your perspective and approach that will help turn the tide.
“We looked at these challenges as opportunities to learn and grow. The biggest challenge that we faced over the last year was the disruption of the supply chain at various points. Many of our ingredients are sourced internationally. This created challenges in logistics and global procurement. Having said that it also allowed us to unlearn, create new systems, work closely with our agile global network and bounce back. We are now equipped to cater to the growing demands and account for disruptions,” he asserts.
D2C Beauty Brand Pilgrim Closes ₹ 200 Crore Fundraising Round
D2C beauty brand Pilgrim has successfully raised ₹ 200 crore in a mix of primary and secondary funding to fuel its growth. The round was led by prominent investors, marking a significant milestone in the brand’s expansion strategy. Pilgrim plans to utilize the fresh capital to expand its presence both in India and internationally, further strengthen its product portfolio, and enhance its digital marketing efforts.
This funding round also aims to bolster the company’s commitment to sustainable beauty products and innovation. Pilgrim, which has quickly gained popularity for its unique skincare, haircare, and wellness offerings, continues to focus on quality, ethical sourcing, and customer satisfaction. With the new capital, Pilgrim is poised to deepen its foothold in the rapidly growing D2C beauty market, enhancing its technological capabilities and expanding its reach to a larger audience. The investment highlights investor confidence in the company’s growth potential, positioning Pilgrim to become a dominant player in the global beauty sector.
Pilgrim Raises ₹200 Crore to Boost Growth and Brand Development
Pilgrim’s valuation has surged to approximately ₹ 3,000 crore ($350 million) pre-money, bringing its total funding to date to around $50 million.
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 ₹ 198.79 crore in FY24 from ₹ 76 crore in FY23. Despite its expansion, the company managed to keep losses under control, with an increase of only 14% to ₹ 26.34 crore during the period. With a current gross Annual Run Rate (ARR) of ₹ 800 crore, Pilgrim aims to reach an ARR of ₹ 1,000 crore by the end of 2025.
Bringing Global Beauty Practices to Indian Millennials
The brand has a strong and agile global network including R&D teams. These teams are driven to find solutions to problems we face every day. If a consumer can access the same apps/ food/ clothing as its global counterparts in an accessible way, why is personal care left behind? Why the barriers of logistics and cost? Hence, the brand is in a constant pursuit to test and invest in ingredients and formulations that deliver the best results for our consumers.
“We deliver quality experiences with a strong focus on R&D and a controlled QC process. We consistently innovate in partnership with credible R&D teams across the world. This enables us to bring exciting beauty experiences from different parts of the world and offer the highest quality products to our consumers,” he asserts.
As a D2C brand catering to young India, Pilgrim is digitally savvy. Technology has enabled the brand to create points of differentiation across several touchpoints.
“With AI, we can create meaningful experiences for our customers, from the comfort of their homes. It empowers us to add value to their lives. Technology has also helped us create authentic and innovative value propositions. Feedback from consumers enables our R&D teams to dig deeper and fast-track product innovation,” Makker states.
Conclusion
Pilgrim’s successful ₹ 200 crore fundraising round marks a pivotal step in the brand’s journey toward becoming a dominant player in the D2C beauty industry.With this capital, Pilgrim is well-equipped to expand its product offerings, enhance its digital strategy, and solidify its presence in both domestic and international markets. The investment reflects strong investor confidence in Pilgrim’s sustainable and innovative approach to beauty, positioning the brand for significant growth in the coming years. As Pilgrim continues to disrupt the beauty sector, this funding will play a crucial role in driving its long-term success and innovation.
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