Pilgrim doubled revenue to ₹408 Cr by spending ₹57 of every ₹100 on marketing

Pilgrim more than doubled its operating revenue to ₹408 Cr in FY25. Two things drove it: a Redensyl hair growth serum that Pilgrim says sells a bottle every five minutes, and a campaign fronted by Rashmika Mandanna. The growth came at a price, with marketing spend rising 115% to ₹234.5 Cr and the net loss widening to ₹68.7 Cr.


Ingredient-led serums are easy to copy, and Mamaearth already sells one built on Anagain, one of the same actives. This report looks at whether Pilgrim's buyers come back for the serum or for the brand, and what they say once the first bottle runs out. It also looks at which ads keep working without a bigger budget behind them.

• What buyers report after 30, 60 and 90 days on the serum

• How copycat Redensyl and Anagain serums position themselves against Pilgrim

• The Pilgrim ads that run longest, and what they share