IIT–IIM Alumni-Founded D2C Brand Pilgrim Hits Rs 417 Crore Revenue in FY25; Loss Widens to Rs 69 Crore Amid Rising Marketing Spend

D2C personal care brand, Pilgrim, reported a twofold surge in revenue in FY25, reaching Rs 417.73 crore, up from Rs 204.4 crore in FY24, according to the financial statements sourced from Registrar of Companies (RoC). 

Pilgrim Financials

Nearly 98% of the total revenue (Rs 408 crore) was generated from operations, primarily product sales, while the remaining Rs 9.5 crore came from other income.

Alongside the sharp rise in topline, the company’s total expenses also grew by 2.1X, increasing from Rs 230.4 crore in FY24 to Rs 486.5 crore in FY25. Employee benefits expenses stood at Rs 42.7 crore in FY25, marking a two-fold increase from Rs 21.2 crore in FY24. Finance cost and depreciation remained relatively modest during the period at Rs 5.6 crore and Rs 2 crore, respectively.

Marketing expense doubled to Rs 234.5 crore in FY25, from Rs 108.8 crore in FY24, accounting for 48% of the total expense. Freight outward cost and selling and distribution expenses stood at Rs 25.5 crore and Rs 25.8 crore, respectively, in FY25. Consequently, net loss widened by 2.6X  to Rs 68.75 crore in FY25, compared to Rs 26.4 crore in FY24.

On a unit economics basis, the company spent Rs 1.19 to earn every rupee in FY25, compared to Rs 1.16 in FY24. As of March 31, 2025, Pilgrim held Rs 87.12 crore in cash and bank balances. 

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Pilgrim Funding

On the funding front, the company raised Rs 200 crore in March 2025 through a mix of primary and secondary funding at a pre-money valuation of approximately Rs 3,000 crore. 

Earlier, it secured Rs 75 crore (approximately $9 million) in an extended Series B round led by Fireside and Vertex Ventures, followed by $20 million (approximately Rs 165 crore) in a Series B round led by Vertex Ventures Southeast Asia and India. Existing investors, Fireside Ventures & Narotam Sekhsaria Family Office, also participated in the round.

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About Pligrim

Pilgrim is a prominent Indian direct-to-consumer (D2C) beauty and personal care brand. Founded in 2019 by Anurag Kedia and Gagandeep Makker, both alumni of IIT and IIM.

The company offers a wide portfolio of personal care products across haircare, skincare, makeup, and fragrances. It states that its products are formulated with globally sourced ingredients, positioning them as clean, vegan, and toxin-free, aligning with growing consumer preference for natural and ethically produced beauty products.

Pilgrim has collaborated with Bollywood actresses such as Rashmika Mandanna, Yami Gautam, and Kalki Koechlin.

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