Heavenly Secrets Pvt Ltd, the parent of D2C personal care brand Pligrim, saw its operating revenue surge 160% to INR 198.8 Cr in the financial year 2023-24 (FY24) from INR 76.5 Cr in the previous fiscal year.
The startup posted a net loss of INR 26.3 Cr in FY24, up 14.2% from the INR 23.05 Cr loss it incurred the previous fiscal. Its EBITDA loss also widened to INR 25.2 Cr during the year under review as against an EBITDA loss of INR 20.9 Cr in FY23. However, its EBITDA margin improved 14 percentage points to -13% in FY24 from -27% in the previous year.
Including an other income component of INR 5.6 Cr, the startup’s total revenue stood at INR 204.4 Cr in FY24.
Founded by Anurag Kedia and Gagandeep Makker in 2019, Pilgrim sells beauty and body care products in several segments including skin care, hair care, colour cosmetics, fragrance and more.
Not unlike many other digital native brands, the startup has also expanded its presence offline in recent times. Besides selling its products on its website and ecommerce platform, it claims to have expanded its presence to five retail stores and 300 partner stores across India.
Pilgrim has raised over $40 Mn till date from investors like Fireside Ventures, Vertex Ventures SEAI and Mirabilis Investment Trust, among others.
A few days ago, the startup netted a fresh capital of via a mix of primary and secondary transactions. The fresh capital will allow it to expand its offline presence and R&D capabilities.
Where Did Pilgrim Spend?In line with the upsurge in revenue, Pilgrims’ expenditure also jumped significantly during the fiscal. It spent INR 230.4 Cr in FY24, more than double of the INR 100 Cr it spent in the prior fiscal.
Employee Benefit Expense: Pilgrim spent INR 21.2 Cr on its employees in FY24, a significant jump from the INR 6.2 Cr it spent in the prior fiscal. This is indicative of an expansion in its workforce.
Marketing Cost: The startup spent INR 108.8 Cr to promote itself in the fiscal year, surging nearly 107% from INR 52.5 Cr in FY23.
Rent: Pilgrim paid INR 3.02 Cr as a part of its rent in the fiscal under review from previously spending INR 60.5 Lakh in FY23.
The startup competes against the likes of Mamaearth, SUGAR Cosmetics, Juicy Chemistry, Nykaa and several other D2C brands in India’s personal care space.
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