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Skincare brand Pilgrim witnesses 4.5X rise in revenue in FY23

  • January 22, 2024
  • By Team TheKredible
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Mumbai-based skincare brand Pilgrim’s revenue ballooned 4.5X to Rs 76.96 crore in FY23. The previous fiscal year, it witnessed a revenue of over Rs 17 crore with a little over Rs 16 crore coming in from operations.

Founded by Anurag Kedia and Gagandeep Makker, D2C beauty and wellness brand Pilgrim offers over 90 products across the categories of face care, haircare, skincare etc. Its products include items like face wash, serums, shampoo, hair mask et al. It is currently present across 25,000 pin codes across the country.

The four-year-old company saw expenses amounting to Rs 99.95 crores in the fiscal year ending March 2023, a 4X spike from FY22’s Rs 24.7 crore. Its major expenses were advertisement and promotions and cost of materials. It spent over Rs 50 crore and more than Rs 20 crore on each of the segments respectively. The preceding year the company spent close to Rs 12 crore on ads and promotions and close to Rs 5 crore on material costs.

In FY23, along with a significant rise in revenue, the company also witnessed a spike in its losses for the year. Growing over 3X, the beauty and wellness brand saw losses touching Rs 23 crore. The same year its EBITDA margins stood at a negative 29.5% and ROCE at -105.7%.

Pilgrim has raised over Rs 200 crore in funding over 4 rounds with its latest fundraise being held last September raising an estimate of Rs 166.7 crore from Vertex Ventures, Fireside Ventures, Narotam Sekhsaria Family Office among others.

The 2019 established company’s largest shareholder is its founder Anurag Kedia with over 29% of company shares while Gagan Deep Makkar holds close to 15% of the company.

It currently competes against the likes of Mamaearth, mCaffeine, Wow Skin Science, Deconstruct, and Plum.