Bengaluru-based Beauty and personal care brand Pilgrim, based in Mumbai, has raised Rs 200 crore in a mix of primary and secondary funding rounds, the company announced on Tuesday.
The latest funding saw continued backing from Narotam Sekhsaria Family Office (NSFO), Vertex Ventures SEA, Sattva Family Office, and Mirabilis Investment Trust, while also bringing in new investors Vertex Growth Fund and Anicut Equity Continuum Fund.
With this fresh investment, Pilgrim’s pre-money valuation has climbed to approximately Rs 3,000 crore, reflecting a significant rise from its previous valuation in 2024.
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The capital will be used to expand into offline retail and enhance research and development efforts. While the brand has already established profitability in the online segment, this move will help strengthen its omnichannel strategy for long-term growth.
Founded in 2020 by Anurag Kedia and Gagandeep Makker, the brand offers a diverse range of skincare, haircare, and color cosmetics, catering to customers across India through its website, mobile app, and major e-commerce platforms.
“This investment represents a pivotal chapter in Pilgrim’s journey. 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,” said Gagandeep Makker, Co-founder of Pilgrim.
The company currently operates with a gross annual run rate (ARR) of over Rs 800 crore and is rapidly growing its retail presence.
