D2C personal care startup Pilgrim’s operating revenue soared 105% in fiscal year FY25 to INR 408.3 Cr from INR 198.7 Cr in the previous financial year.

Apart from the operating revenue earned through the sale of its products, the startup nearly earned INR 9.4 Cr from other income sources. This included interest income from bank deposits, profit from sale of mutual funds, interest of IT refunds and forex gains, among others.

Including other income, Pilgrim’s total income stood at INR 417.7 Cr in FY25 as against INR 204.3 Cr in the previous fiscal year.

Despite the significant uptick in its top line, the startup sunk deeper into losses in the fiscal year under review. The skincare brand’s consolidated net loss for the fiscal year surged to INR 68.7 Cr in FY25, marking a 2.6X jump from INR 26.3 Cr loss incurred in the fiscal year FY24.

Founded in 2019 by Anurag Kedia and Gagandeep Makker, Pilgrim develops and sells a wide range of personal care products including haircare, skincare, makeup, and fragrances. It claims that its products are often formulated with globally sourced ingredients, positioning them as clean, vegan and toxin-free, aligning with consumer trends toward natural and ethically made beauty items.

It sells its products via its website and app, ecommerce and quick commerce platforms. On the offline front, the startup claimed to have expanded its presence to five retail stores and 300 partner stores across India in FY24. It is also looking to expand into the B2B segment with the launch of a salon professional division in April.

The startup last raised INR 200 Cr in March 2025 at a pre-money valuation of INR 3,000 Cr in a bid to increase its offline presence.

Source: Inc42 Datalabs

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It has raised nearly $54 Mn to date, and some of its marquee investors include PE firms and family offices like Anicut Capital, Fireside Ventures, Vertex Growth Fund, Narotam Sekhsaria Family Office and Mirabilis Investment Trust.

Where Did Pilgrim Spend?

The D2C startup plunged deeper in losses in the fiscal due to burgeoning expenses. Its overall expenditure in the fiscal more than doubled to INR 486.4 Cr from INR 230.3 Cr spent in the previous fiscal year.

Here are the key areas that contributed to the over 2.1X jump in expenses:

Marketing Costs: Advertising and promotions weighed heavily on Pilgrim’s bottom line, accounting for 48% of its total expenses in FY25. The startup spent INR 234.5 Cr on marketing during the period under review, marking a 115% jump compared to INR 108.8 Cr spent in FY24.

Employee Benefit Expenses: The startup’s employee costs, which includes wages, ESOPs and benefits, also doubled in FY25. Pilgrim spent INR 42.6 Cr on its employees in the period under review, an over 111% increase from INR 21.1 Cr reported in the previous year. Payroll alone accounted for INR 34.3 Cr of expenditure in FY25.

Purchase of Traded Goods: Expenditure under this head grew 57% during FY25 to INR 137.2 Cr from INR 87.2 Cr.