Anurag Kedia & Pilgrim: Crafting a Borderless D2C Beauty Journey from India
Discover Anurag Kedia's journey: From IIT/IIM to building Pilgrim, the fast-growing D2C beauty brand bringing global secrets to India.
Meet Anurag Kedia, the Co-Founder of Pilgrim, one of India's exciting D2C (Direct-to-Consumer) beauty brands making waves. With a rich background spanning top-tier education from IIT Bombay and IIM Ahmedabad, and over two decades of experience in building businesses, Anurag brings a wealth of knowledge to the dynamic world of Indian startups. He recently shared insights into his journey and the vision behind Pilgrim on the Founder Thesis podcast.
Check out the video of the conversation here or read on for insights.
The Journey: From Consulting & TAS to D2C Leadership
Anurag's career path showcases a blend of strategic thinking, marketing prowess, and entrepreneurial drive. His journey wasn't linear but equipped him with diverse skills crucial for building a brand like Pilgrim today.
🏛️ Early Foundations: IIT, IIM, TAS & KPMG
Anurag built his analytical foundation with a B.Tech in Chemical Engineering from the prestigious Indian Institute of Technology, Bombay (IIT B) (1997-2001). He recalls the initial experience:
“When I went to IIT, I was in the air for a while. I know a lot. In a week, all the air left... That is the kind of talent I came across.”
He further honed his business acumen with a PGDM in Marketing from the Indian Institute of Management Ahmedabad (IIM A) (2002-2004), India's premier business school. The feeling upon arrival was familiar:
“IIM Ahmedabad, again, the same deja vu feeling of where have I come, happened in the first one week... But after I settled in again after in a couple of weeks, for a change, I was really enjoying my studies.”
His early career saw him selected for the coveted Tata Administrative Services (TAS) management trainee program (2004-2005), gaining exposure across diverse Tata Group companies. He then moved to KPMG as a Consultant (2005-2006).
💡 First Startup Spark: Launching Four Fountains Spa
The entrepreneurial bug bit when Anurag connected with batchmates Saurabh Garg and Sunil Rao. It wasn't about following a trend:
“At that time you were starting a business, not a startup... There was no startup culture at that time.”
They meticulously evaluated ideas, focusing on consumer brands with scalability and limited corporate threat. The spa concept gained traction:
“The more we looked at spas, our conviction kind of grew... Eventually, in 2007-2008, we launched four fountains pass, two centers from Pune.”
Funding came via an angel investor met through a batchmate, securing around 2 crores for a 25-26% stake – a fair deal for first-time entrepreneurs back then. They chose Pune for lower experimentation costs. Getting customers, however, wasn't instant:
“We thought that they opened a shop and there must be a line outside. But there were three people in that line, Saurabh, Sunil and me.”
They relied on couponing, local partnerships, newspaper inserts ("At 4 in the morning, we used to burn those newspaper inserts ourselves"), and door-to-door activation to gain traction. It took about a year to a year and a half to break even at around 4-4.5 lakhs monthly revenue per center (adjusted for today's value).
📈 Scaling & Moving On
Four Fountains grew into one of India's largest spa chains with ~30 spas by 2018, many franchised out. Anurag's role focused on expansion – site selection, franchising, and setup. After 11 years, the co-founders transitioned out operationally in March 2018, leaving a strong leadership team in place.
“The team which runs right now... one person has been there for eight, nine years, the other person has been there for 15 years. So the leadership team really stuck around and which is what allowed us to move out.”
Anurag also gained experience launching and exiting other ventures like Jazz Up Salons and NuAyurveda Clinics during this period.
Building Pilgrim: A New D2C Chapter 💄
Drawing on his deep experience in the beauty and wellness space from Four Fountains, where he handled product formulations and sourcing, Anurag saw a new opportunity.
“We have to do consumer brands in beauty or wellness, because that's what we understand. Why would I go and sell fashion or apparel or jewelry or anything else that I don't understand?”
He observed the changing millennial consumer – driven by experiences ("wanderlust"), passion, and a sensitivity towards the environment and society.
“They genuinely care about the environment. They are genuinely saying, I'm willing to pay more to a brand which will do the right things for the society and for the environment.”
This led to the core idea behind Pilgrim: bringing global beauty traditions (like Korean or French beauty) to Indian consumers at accessible price points, built on a foundation of strong values.
“Our approach is a little different. We are saying you are already complete. You're already happy. And we would like to offer you different experiences to help you explore the world.”
Finding a co-founder was crucial. Anurag connected with Gagandeep Makker (also IIT Bombay alum) through a friend's reference. The decision was intuitive:
“First call, I think both of us were broadly decided... the second time... we actually committed to each other that we are going to work together in two discussions.”
Their equity discussion was equally swift, establishing a partnership of equals despite differing experience levels. They raised an initial 2.5 crores from a wide network of friends, family, and professional contacts via WhatsApp, launching sales in May 2020 amidst the lockdown uncertainty. Support from Fireside Ventures, initially through sharing their D2C playbook and later via a seed investment of ~13 crores, proved invaluable.
Pilgrim focuses on "borderless experiences," launching collections inspired by global beauty traditions like Jeju Island (Korea) and Vinotherapy (France). They adhere strictly to the "Pilgrim Code":
“We are a clean beauty brand... We don't use any toxic ingredients... We are a cruelty-free brand... We are also a vegan brand.”
This commitment sometimes presents formulation challenges (e.g., avoiding milk in traditional Ayurvedic oil processes) but aligns with their target consumer's values. Their strategy involves a large number of SKUs to serve niche needs, enabled by D2C's direct reach.
“The opportunity D2C offers is to be able to serve very niche audiences... We are long tail by nature.”
Pilgrim saw rapid growth, hitting a monthly run rate of 70-80 lakhs by the end of 2020 and ~1.8 crores by August 2021, with aspirations to reach an 8-9 crore monthly run rate (100 Cr ARR) in the next calendar year. Anurag attributes this to understanding consumer needs, strong formulations (an "unfair advantage"), effective online branding and imagery, channel understanding, and crucial support from their network.
Core Strengths & Philosophy 💪
Anurag's profile and interview highlight key skills and beliefs:
Business Strategy & Marketing: Deep understanding of consumer brands, D2C dynamics, and scaling.
Unfair Advantage: Believes in identifying and leveraging unique strengths.
“Go by where you have an unfair advantage. Where can you win? If you identify your unfair advantage, you have a right to win.”
Marathon Mentality: Views business as a long-term game requiring preparation and self-care.
“It's a marathon... So first of all, do the training... Nutrition and food... Be well-rested... Meditation... Delete your social media accounts if you can.”
Partnership & Network: Values collaboration and acknowledges the immense help received.
“The kind of help we have received from external people who had no stake in the company... is just mind-boggling.”
Anurag Kedia's journey exemplifies the path of a seasoned professional applying years of learning and diverse experience to the dynamic D2C landscape in India. His work building Pilgrim is a space to watch for anyone interested in entrepreneurship, brand building, and the rapidly growing Indian consumer market.
Listen now!
Other Ways to Listen:
Before you go……the analytics only tell me so much, I want to hear what you feel and think about the conversations.
Mail me at ad@thepodium.in with your comments & feedback or if you just want to hear my comments on your startup idea - I love getting your emails!
Until the next founder's thesis📕,
Your host, AD