Pilgrim is a direct-to-consumer beauty and personal care company based in India that sells skincare and haircare products to consumers online and through offline retail.

This Startup Deep Dive explains what Pilgrim does, how it makes money, who backs it, how it compares with rivals and what could go wrong, using publicly available information. It is educational and not investment advice. Last updated: October 2026.

Pilgrim in Brief

• What it is: Pilgrim is an Indian D2C beauty company based in Mumbai.
• Who it serves: online shoppers, retail customers, marketplaces and distribution partners.
• Pilgrim sells beauty and personal care products across skin care, hair care, bath and body, colour cosmetics and fragrance, with 90+ SKUs reported.
• The brand positions its products as vegan, cruelty-free and free from parabens, sulphates and mineral oils, using formulations and ingredients from around the world (reported).
• It sells on its own website, e-commerce platforms and quick-commerce, and through offline partner stores.
• Funding: Roughly $40-54 million (reports differ; over $40 million per a March 2025 report, about $50 million per other reports).

Pilgrim Quick Facts

Figures marked “reported” come from published reports and may differ between sources; “Not disclosed” means no reliable public figure was found.

What Is Pilgrim?

Pilgrim operates in the D2C beauty space in India. Understanding a company like this starts with three questions: who is the customer, what painful problem is being solved, and why the solution is better than the alternatives. The sections below apply that lens to Pilgrim.

• Pilgrim sells beauty and personal care products across skin care, hair care, bath and body, colour cosmetics and fragrance, with 90+ SKUs reported.
• The brand positions its products as vegan, cruelty-free and free from parabens, sulphates and mineral oils, using formulations and ingredients from around the world (reported).
• It sells on its own website, e-commerce platforms and quick-commerce, and through offline partner stores.
• It is sold in over 10,000 retail stores across India (reported) and has opened exclusive outlets in Mumbai, Bengaluru and Hyderabad.
• It reported over 5 million customers in 2023, adding about 500,000 a month (company-stated).

The Origin Story of Pilgrim

Every company starts from a noticed gap and a team willing to commit to closing it. Strong origin stories are specific: a clear problem, a founding team with relevant skills, and an early product that real customers could test. Founder-market fit, meaning the team’s lived experience or technical depth in the domain, tends to predict how fast a young company learns.

• Founders: Anurag Kedia, Gagandeep Makker.
• Pilgrim was founded in 2019 by Anurag Kedia and Gagandeep Makker; the operating company is Heavenly Secrets Pvt Ltd.
• Kedia is founder and CEO; one report describes the founders as IIT and IIM alumni.
• The idea was to bring international beauty formulations to Indian consumers at affordable prices.
• An angel round of Rs 1.8 crore and a Rs 13 crore Series A led by Fireside Ventures in June 2021 funded the early years.

Key Milestones and Challenges

No startup grows in a straight line. Early years usually involve slow adoption, product rewrites, hiring mistakes and funding gaps. In the D2C beauty sector the common turning points are a first paying customer, a regulatory approval, a successful product demonstration or a funding round that lets the team invest ahead of demand. How a team responds to setbacks says more about resilience than any single headline.

• 2019: Pilgrim founded by Anurag Kedia and Gagandeep Makker.
• June 2021: Series A of Rs 13 crore led by Fireside Ventures.
• 2022: Named among Inc42's first FAST42 list of fastest-growing D2C brands.
• May 2023: Appointed a chief business officer to lead offline expansion.
• September 2023: Series B of $20 million led by Vertex Ventures Southeast Asia and India.
• August 2024: Extended Series B of about Rs 75 crore ($9 million) led by Fireside and Vertex.
• March 2025: Rs 200 crore primary and secondary round to expand offline and R&D.
• FY25: Operating revenue crossed Rs 400 crore.

Pilgrim Funding and Investors

Funding history shows how much outside confidence a company has attracted and how long it can operate before needing more capital. Figures below are reported and may differ between sources; valuation figures are estimates unless the company has confirmed them.

• Angel round: Rs 1.8 crore.
• Series A, June 2021: Rs 13 crore led by Fireside Ventures.
• Series B, September 2023: $20 million led by Vertex Ventures Southeast Asia and India, with Fireside Ventures and Narotam Sekhsaria Family Office (one database lists it as $13 million at a $75 million valuation; reports differ).
• Extended Series B, August 2024: about Rs 75 crore ($9 million); Fireside put in about Rs 25 crore and Vertex about Rs 23 crore, with NSFO, Mirabilis and NABS Vriddhi adding about Rs 27 crore.
• March 2025: Rs 200 crore primary and secondary led by Narotam Sekhsaria Family Office (reported).

How Does Pilgrim Make Money? (Business Model)

A business model describes who pays, how often and how much it costs to serve them. Strong models show repeat usage, improving margins with scale and acquisition channels that do not depend only on paid spend. Weak models show one-off sales, rising costs and growth that stops when spending stops. For companies selling to online shoppers, retail customers, marketplaces and distribution partners, sales cycles and contract size matter as much as headline growth.

• Sells beauty and personal care products online through its website, marketplaces and quick-commerce.
• Has added offline: about 300 partner stores in 2023 and 10,000+ retail points reported by 2025; offline is about 20% of income (reported).
• Revenue comes from product sales; marketing is the largest cost, at 48% of costs in FY25 (reported).

The Numbers: Pilgrim Financials

Financial figures show whether growth is turning into a self-sustaining business. Small and private companies often disclose little, so any number below is included only if it was found in public reporting.

• FY22: revenue about Rs 17 crore (reported).
• FY23: revenue about Rs 76 crore with a loss of about Rs 23 crore (reported).
• FY24: operating revenue about Rs 199 crore (up 160%), total income Rs 204 crore, net loss Rs 26.3 crore; marketing Rs 108.8 crore (reported).
• FY25: operating revenue Rs 408.3 crore versus Rs 198.7 crore a year earlier (reported); total income Rs 417.7 crore.
• FY25: net loss Rs 68.7 crore versus Rs 26.3 crore in FY24; marketing spend Rs 234.5 crore; cash Rs 87 crore at March 2025 (reported).

Market Opportunity for Pilgrim

Market size is easy to exaggerate, so a useful approach separates the total market from the portion a company can realistically reach with its current product and distribution. The main forces behind demand in this sector are rising internet and smartphone use, growing online retail, digital payments, quick commerce and a younger consumer base that is open to new brands. Each of these widens the opportunity, but capital efficiency and execution decide who captures it.

• Beauty and personal care was estimated at a $4 billion online market in 2022 and projected to reach $28 billion by 2030 (Inc42 estimate).
• Pilgrim competes in a crowded Indian D2C personal care space with both online-first and legacy brands.

Technology and Product at Pilgrim

Technology is rarely the whole moat, but it drives speed, cost and customer experience. A practical way to assess it is to separate the capability the company controls from the commodity infrastructure it rents. In this sector the important factors are supply-chain reliability, brand trust, product quality, data on customer behaviour and the efficiency of fulfilment.

• Core capability: Public detail on Pilgrim’s technology stack is limited beyond company-stated descriptions.
• Assessment lens: supply-chain reliability, brand trust, product quality, data on customer behaviour and the efficiency of fulfilment.

Team and Culture at Pilgrim

Teams are the most important and least measurable asset of a young company. Look at how complementary the founders’ skills are, how deep the second layer of leadership is, and how the company hires and retains specialists. Culture shows up in small repeated behaviours: how quickly bad news travels upward and whether commitments to customers are kept.

• Anurag Kedia is founder and CEO; Gagandeep Makker is co-founder.
• A chief business officer was hired in May 2023 to run offline expansion.

Pilgrim Competitors: Competitive Landscape

A fair competitive analysis names direct rivals, adjacent players who could move into the space, and the customer’s default alternative. Durable advantages include proprietary data or technology, licences and approvals, brand trust, switching costs and cost leadership.

Risks and Challenges for Pilgrim

• Reported losses widened in FY25 to Rs 68.7 crore, with marketing the largest expense.
• Heavy dependence on paid marketing for growth.
• Offline expansion adds rent, staff and inventory costs (rent rose sharply in FY24).
• Highly competitive category with many funded D2C brands.
• Competition: low barriers to entry and large marketplaces make it hard for a brand to stay differentiated.
• Customer acquisition cost: paid marketing can become expensive and erode margins as a brand scales.

Risk is not a reason to avoid a company; it is a reason to price it correctly and to monitor the right indicators over time. Regulation in this sector is shaped by consumer protection rules, FSSAI and BIS standards where relevant, the Legal Metrology rules and e-commerce regulations.

Pilgrim Growth Outlook: What to Watch

• Reported target of Rs 600 crore revenue by the end of FY26.
• Fresh capital is meant to fund offline expansion and R&D.
• Key indicators: repeat purchase rate, average order value, gross margin, contribution margin and customer acquisition cost.
• Funding position: Whether Pilgrim can reach its next milestone before needing new capital.
• Regulation: Changes from consumer protection rules, FSSAI and BIS standards where relevant, the Legal Metrology rules and e-commerce regulations.

Industry Context: Where Pilgrim Fits

India's consumer market is large, young and increasingly online. Rising smartphone and internet use, digital payments and faster delivery have helped direct-to-consumer brands, marketplaces and quick-commerce platforms reach customers who once relied on local shops. Established companies, marketplaces and new brands now compete for the same shoppers.

Success in consumer businesses usually depends on a clear brand promise, repeat customers and healthy unit economics, not on sales volume alone. Companies that control quality, understand customer needs and manage marketing costs tend to build more durable brands than those that grow mainly by discounting.

For readers new to this field, a useful habit is to separate announcements from evidence. A plan, a partnership or a funding headline describes intent, while a delivered product, a paying customer or an audited financial statement describes results. Comparing the two over time shows how reliably a company turns promises into outcomes.

Bull Case and Bear Case for Pilgrim

An investment thesis is a short, testable statement of why a company could become far more valuable, together with what evidence would prove it wrong. The points below are general to this sector and are not forecasts for Pilgrim.

Bull case

• A growing base of online shoppers expands the potential market.
• Strong brands can earn repeat purchases and pricing power.
• Distribution through marketplaces, quick commerce and stores widens reach.

Bear case

• Heavy competition and discounting can hurt margins.
• Rising marketing costs can slow profitable growth.
• Supply-chain or quality problems can quickly damage trust.

Lessons Founders and Investors Can Take from Pilgrim

Studying a company in the D2C beauty space offers lessons that go beyond any single firm. The points below are general lessons for the sector and are not claims about Pilgrim.

• A clear brand identity and consistent product quality matter more than short-term sales spikes.
• Repeat customers lower acquisition costs and make growth more profitable.
• Controlling the supply chain helps protect quality and margins as volumes grow.
• Selling across several channels, such as own website, marketplaces, quick commerce and stores, reduces dependence on one platform.
• Healthy contribution margins are a better sign of progress than revenue growth alone.

How to Evaluate Pilgrim as a Startup

• Customer clarity: Can Pilgrim name its customer and the problem it solves in one sentence?
• Evidence of demand: Look for repeat customers, signed contracts or measurable usage rather than announcements alone.
• Economics: Check whether margins improve as volume grows.
• Execution: Compare announced timelines with what has actually been delivered.
• Funding runway: Estimate how long current capital lasts at the present spending rate.
• Regulatory standing: Confirm required approvals are in place.
• Customer concentration: Check whether a few customers account for most of the revenue.
• Management depth: Look for experienced leaders beyond the founders and a stable core team.

The Takeaway

Pilgrim is part of India’s growing D2C beauty ecosystem. The useful lesson from studying it is the discipline of asking structured questions about customers, economics, advantage and resilience. Companies that answer them well, repeatedly and under pressure are the ones that endure. Readers should treat any single report, ranking or funding headline as one input among many, and should re-check key facts against recent company announcements. Because public information on young companies is often limited, patience in verifying claims is part of good analysis. Public sources can also describe the same company in different ways, so it is worth checking dates, definitions and whether a figure refers to revenue, total income or transaction value, and whether it covers one entity or a wider group, before drawing conclusions. Small differences in rounding, currency conversion or reporting periods can also change how a figure reads. Comparing the same figure across several recent reports helps show whether it is stable or has changed over time. This article is educational and is not investment advice.

• Clear customers and repeat demand matter more than announcements.
• Regulation and capital needs shape how fast a startup in this sector can grow.
• Track a few leading indicators over time rather than one headline metric.

Pilgrim FAQs: Frequently Asked Questions

What is Pilgrim?

Pilgrim is a direct-to-consumer beauty and personal care company based in India that sells skincare and haircare products to consumers online and through offline retail. It is profiled in the Startup Deep Dive series, which explains business model, funding, competitors and risks.

Who founded Pilgrim?

Pilgrim was founded by Anurag Kedia, Gagandeep Makker, and the company reports a founding year of 2019.

How much funding has Pilgrim raised?

Roughly $40-54 million (reports differ; over $40 million per a March 2025 report, about $50 million per other reports). Funding figures are reported and may differ between sources, so readers should check the latest company announcements.

How does Pilgrim make money?

Pilgrim earns revenue from its D2C beauty products and services sold to online shoppers, retail customers, marketplaces and distribution partners. The exact revenue mix is described in the business model section and is not fully disclosed publicly.

Who are the competitors of Pilgrim?

Reported rivals include Mamaearth, SUGAR Cosmetics, Juicy Chemistry, Nykaa. See the competitor comparison above for how they differ.

What are the main risks for Pilgrim?

Main risks include competition: low barriers to entry and large marketplaces make it hard for a brand to stay differentiated, funding and capital needs, competition and regulation by consumer protection rules, FSSAI and BIS standards where relevant, the Legal Metrology rules and e-commerce regulations. This is educational content, not investment advice.

Related Startup Deep Dives: Vitls — short profile of what is publicly known | Clinikk — Clinikk: Bengaluru primary care startup backed by MassMutual. Browse the full Startup Deep Dive series.

Source

Source: Publicly available data, published reports, industry research, and other credible sources.