D2C personal care startup Pilgrim's operating income grew 105% to Rs 408.3 crore from Rs 204.3 crore in the previous fiscal. Total revenue stood at Rs 417.7 crore. The growth was driven by product sales and additional income from interest, investment and forex gains.

Despite the sharp increase in revenue, the company reported a high loss. Founded in 2019, Pilgrim sells skincare, haircare, makeup and fragrance products through online platforms and a growing offline network, and is also planning a B2B salon-focused division.

The losses widened mainly due to a sharp increase in expenses, with the loss this year reaching Rs 486.4 crore. Marketing expenses accounted for the largest share of the cost, followed by higher employee costs and increased spending on merchandise, reflecting the startup's expansion and brand-building efforts.