Pilgrim, a rapidly growing beauty and personal care startup, has successfully raised ₹200 crore (approximately $23 million) through a combination of primary and secondary funding rounds. Prior to this funding, the company was valued at ₹3,000 crore (around $345 million).
The funding round saw participation from both existing and new investors. Returning backers included Narotam Sekhsaria Family Office (NSFO), Vertex Ventures SEA, Sattva Family Office, and Mirabilis Investment Trust. New investors Vertex Growth Fund and Anicut Equity Continuum Fund also joined the startup’s cap table.
Pilgrim was last valued at $247 million following an investment of $8.9 million in August 2024, according to data from Tracxn. With this new funding, the total capital raised by the company now stands at approximately $56 million.
Founded in 2020, Pilgrim offers a wide range of beauty products, including skincare, haircare, and color cosmetics. These products are available through its website, mobile app, and various e-commerce platforms. The startup has already achieved profitability in the online segment, with a gross annual run rate (ARR) exceeding ₹800 crore.
Looking ahead, the company plans to utilize the new funds to expand its offline distribution channels, strengthen its research and development capabilities, and enhance its omnichannel presence.
Gagandeep Makker, Co-founder of Pilgrim, expressed confidence in the company’s future, saying, “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.”
The Indian beauty and personal care market is projected to generate revenue of $33.08 billion in 2025, according to Statista. The market is expected to experience a steady annual growth rate of 3.48% from 2025 to 2030, with the personal care segment leading the charge and forecasted to reach $14.80 billion in 2025.
Pilgrim’s successful funding round positions it for continued growth in this competitive and rapidly expanding industry.
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