Beauty and personal care product startup Pilgrim has raised Rs 200 crore (approximately $23 million) in a mix of primary and secondary funding rounds. The startup was valued at Rs 3,000 crore (around $345 million) before the latest round of funding which saw participation of existing and new investors. Existing investors included Narotam Sekhsaria Family Office (NSFO), Vertex Ventures SEA, Sattva Family Office, and Mirabilis Investment Trust, while new investors joining the company’s cap table were Vertex Growth Fund and Anicut Equity Continuum Fund.
The company was last valued at $247 million following $8.9 million investment in August 2024, according to data from Tracxn. The latest round brings the total funding raised by the company to around $56 million.
Already profitable in the online segment, the startup said it would deploy the fresh capital infusion for strategic expansion into offline distribution and further strengthen its R&D capabilities along with working towards building its sustainable omnichannel presence.
“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.
Launched in 2020, the startup’s product portfolio includes skincare, haircare and colour cosmetics available through its website, app, and e-commerce platforms. The company has a gross annual run rate (ARR) of over Rs 800 crore.
The beauty and personal care market in India is expected to generate a revenue of $33.08 billion in 2025, as per data platform Statista. The market is likely to see an annual growth rate of 3.48 per cent between 2025 and 2030. The largest segment in the market is the personal care segment, which is estimated to have a market volume of $14.80 billion in 2025.