Pilgrim, a brand that sells hair, skin, and body care products, experienced a significant rise in its operating revenue during the financial year 2023. Their income jumped four times to reach Rs 76.46 crore compared to Rs 16.89 crore in the previous year. However, despite this growth, the part of their business selling directly to customers faced a big increase in losses during the same period.
In the fiscal year 2023, Pilgrim’s net losses went up to Rs 23.06 crore from Rs 7.53 crore in the previous fiscal year, as per ET Bureau. The company spent a lot more money, reaching Rs 99.95 crore in expenses in 2023 compared to Rs 24.72 crore in 2022. These higher expenses led to bigger losses for Pilgrim.
The business spent a lot on marketing last year, investing Rs 52.5 crore, way more than the Rs 11.83 crore spent in 2022, reported the Economic Times. Pilgrim wants more people to know about its brand, especially as it competes with larger companies like MyGlamm and Sugar Cosmetics in the Indian personal care market.
Pilgrim was started by Anurag Kedia and Gagandeep Makker in 2019 after they finished their studies at the Indian Institute of Technology. In September of this year, the company got $20 million in funding led by Vertex Ventures Southeast Asia and India. They also got support from Fireside Ventures.
