Pilgrim Secures INR 200 Cr in Funding to Drive Omnichannel Expansion The investment was led by existing backers Narotam Sekhsaria Family Office (NSFO), Vertex Ventures SEA, Sattva Family Office, and Mirabilis Investment Trust, with fresh capital from Vertex Growth Fund and Anicut Equity Continuum Fund.

By Entrepreneur Staff

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[L-R] Anurag Kedia & Gagandeep Makker, Co-founders of Pilgrim

Mumbai-based beauty and personal care D2C brand Pilgrim has raised INR 200 crore (USD 23 million) in a primary and secondary funding round.

The investment was led by existing backers Narotam Sekhsaria Family Office (NSFO), Vertex Ventures SEA, Sattva Family Office, and Mirabilis Investment Trust, with fresh capital from Vertex Growth Fund and Anicut Equity Continuum Fund.

The newly raised capital will be deployed towards expanding Pilgrim's offline presence and bolstering its R&D capabilities. According to the brand, it is already profitable in the online segment, and this funding aims to further establish a robust omnichannel strategy by scaling up its exclusive brand outlets (EBOs) and reinforcing product innovation.

With this round, Pilgrim's valuation has surged to INR 3,000 crore (USD 350 million) pre-money, bringing its total funding to USD 50 million.

The brand, founded in 2019 by Anurag Kedia, currently offers 90+ SKUs spanning face care, hair care, skincare, and fragrances, sourcing ingredients from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers.

"We are building Pilgrim into an iconic global brand, and this investment will accelerate our journey towards a sustainable omnichannel presence," said Anurag Kedia, Founder and CEO of Pilgrim.

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 INR 198.79 crore from INR 76 crore in FY23, while keeping losses in check at INR 26.34 crore (a modest 14% increase).

With a gross Annual Run Rate (ARR) of INR 800 crore, Pilgrim has set an ambitious target of hitting INR 1,000 crore ARR by the end of 2025.
Entrepreneur Staff

Entrepreneur Staff

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