Pilgrim sees both revenue and net losses jump in FY23

Personal care brand Pilgrim reported a fourfold year-on-year increase in operating revenue in the 2023 financial year to total Rs 76.46 crore compared to Rs 16.89 crore in the 2022 financial year. However, the direct to customer business’ net losses more than tripled in the same time period. 

In the 2023 financial year, Pilgrim’s net losses reached Rs 23.06 crore compared to Rs 7.53 crore in the precious fiscal, ET Bureau reported. The business saw its expenses increase significantly to Rs 99.95 crore in the 2023 fiscal compared to Rs 24.72 crore in the 2022 fiscal and this had a strong bearing on its net losses. 
 
One of the business’ main expenses in the previous financial year was its marketing costs, the Economic Times reported. Pilgrim put Rs 52,5 crore into its marketing operations compared to Rs 11.83 crore in the 2022 financial year. The business has prioritised increasing brand awareness as it competes with other, much larger players in the Indian personal care market such as MyGlamm and Sugar Cosmetics. 

Anurag Kedia and Gagandeep Makker launched Pilgrim in 2019 after graduating from the Indian Institute of Technology. In September this year, the business raised $20 million in a funding round which was led by Vertex Ventures Southeast Asia and India and the business has also received backing from Fireside Ventures.