Results · Commerce & Consumer Brands

Pilgrim's revenue doubles but loss widens in FY25

By Startup Enthusiast · 3 January 2026

What they do

Pilgrim makes haircare, skincare, makeup and fragrances with clean, vegan ingredients

Operating revenue jumped 105% to ₹408.3 crore in FY25, while net loss rose 2.6 times to ₹68.7 crore

Marketing spend consumed 48% of total expenses, up 115% from the previous year

Pilgrim reported FY25 results with operating revenue of ₹408.3 crore, up 105% from ₹198.7 crore in FY24.
Total income for FY25 was ₹417.7 crore, compared to ₹204.3 crore in the previous year.
The company's consolidated net loss widened to ₹68.7 crore, a 2.6 times jump from ₹26.3 crore loss in FY24.
Total expenses more than doubled to ₹486.4 crore from ₹230.3 crore in FY24.
Marketing spend rose 115% to ₹234.5 crore, accounting for 48% of total expenses.
Employee benefit expenses increased 111% to ₹42.6 crore, with payroll at ₹34.3 crore.
Purchase of traded goods grew 57% to ₹137.2 crore from ₹87.2 crore.

The results show rapid revenue growth but also escalating losses, typical for a high-growth consumer brand investing heavily in marketing.
Marketing spend being nearly half of total expenses indicates aggressive customer acquisition and brand building.
The company last raised ₹200 crore in March 2025 at a pre-money valuation of ₹3,000 crore for offline expansion.

Pilgrim sells haircare, skincare, makeup and fragrances.
Products use globally sourced ingredients and are marketed as clean, vegan and toxin-free.
Sales happen through its own website and app, plus ecommerce and quick commerce platforms.
As of FY24, it had 5 retail stores and 300 partner stores across India.
The company plans to launch a B2B salon professional division in April.

Anicut Capital (existing) — An investment firm.
Fireside Ventures (existing) — A venture capital firm focused on consumer brands.
Vertex Growth Fund (existing) — A growth-stage investment fund.
Narotam Sekhsaria Family Office (existing) — Family office of the Narotam Sekhsaria group.
Mirabilis Investment Trust (existing) — An investment trust.

Product: Over 90 SKUs across skincare, hair care, face care, fragrances, and colour cosmetics
Customers: Consumers seeking premium beauty and personal care products across India
How it makes money: D2C beauty brand with online profitability expanding to offline omnichannel presence
What sets it apart: Profitable online model with strong offline expansion and R&D capabilities