Pilgrim

Pilgrim is a direct-to-consumer (D2C) beauty and personal care brand recognized for its innovative approach to skincare, haircare, makeup and fragrance. The company is distinguished by its use of globally sourced, natural ingredients to create products that are vegan, cruelty-free, toxin-free and dermatologically tested, catering to a wide range of skin and hair types.

Core Products and Services

• Skincare: Solutions for hydration, exfoliation, pigmentation, dullness, acne, and sun protection.

• Haircare: Shampoos, conditioners and treatments using globally sourced ingredients.

• Makeup and fragrance: Expanding range of vegan, cruelty-free cosmetics and perfumes.

• Gift sets: Curated assortments for gifting and self-care occasions (reflecting recent market trends).

Business Model & Revenue Streams

• Revenue generation: Primarily direct-to-consumer (D2C) online sales via the company’s website and e-commerce platforms, supplemented by select offline retail.

• Business unit/geography: Over 90% of revenue is generated from the Indian market, with a growing footprint in tier 1 and tier 2 cities.

• Customer segmentation: Predominantly B2C, targeting individual consumers rather than enterprises or SMBs.

• Latest data: FY21 revenue was INR 4.4 crore; the company has served over 1 million users and offers 48+ SKUs.

Top Clients & Partnerships

• Top clients: Not publicly disclosed; Pilgrim’s D2C model means it serves a broad consumer base rather than institutional buyers.

• Partnerships: Collaborates with top manufacturing vendors across India; partners with The Disposal Company for plastic recycling and sustainability initiatives.

• Client concentration risk: Minimal, given the diversified consumer base and digital-first distribution.

• Diversification initiatives: Expanding offline presence and product portfolio to reduce channel risk and increase brand reach.

Future Outlook & Strategic Priorities

• Growth drivers: New product launches, deeper offline expansion, entry into global markets, and leveraging influencer marketing for brand building.

• Risks and headwinds: Regulatory scrutiny in cosmetics, competitive pressure from established and emerging D2C brands and macroeconomic shifts affecting discretionary spending.

• Management targets: Aiming for INR 1,000 crore annual run rate by FY25; focused on R&D, global expansion and team growth.

• Capital-allocation priorities: Investments in R&D, offline retail expansion, sustainability and talent acquisition to sustain growth momentum (reflecting recent market trends).