Beauty and personal care D2C brand Pilgrim has raised Rs 200 crore ($23 million) from a combination of primary and secondary funding round. The round received support from current investors Narotam Sekhsaria Family Office (NSFO), Vertex Ventures SEA, Sattva Family Office, and Mirabilis Investment Trust, in addition to new investors Vertex Growth Fund and Anicut Equity Continuum Fund.

This capital will drive Pilgrim's strategic offline distribution expansion and further enhance its R&D capabilities, the company stated in a press release. The company said it is already profitable in the online business and that this investment will further enable it to establish a sustainable omnichannel presence.

Pilgrim's valuation has jumped to about Rs 3,000 crore ($350 million) pre-money, taking its overall funding so far to around $50 million.

Pilgrim, which was founded by Anurag Kedia in 2019, provides over 90 SKUs of face care, hair care, skincare, andfragrances to consumers in over 25,000 pin codes. According to the company, it uses ingredients from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers to curate its products.

Pilgrim has 10 standalone brand stores (EBOs) in Mumbai, Bengaluru, and Hyderabad and is targeting to open 10 more by the end of the year.

The city-based firm registered a 2.6X hike in operating revenue to Rs 198.79 crore during FY24 from Rs 76 crore during FY23. Even as it expanded, the company was able to restrict losses, which rose merely 14% to Rs 26.34 crore for the period.

With a gross Annual Run Rate (ARR) of Rs 800 crore currently, Pilgrim plans to achieve an ARR of Rs 1,000 crore by 2025.