Pilgrim Announces Its First ESOP Scheme
One of India’s fastest-growing D2C personal care brands, Pilgrim, today announced its first-ever ESOP scheme. As a young and successful D2C beauty brand founded in 2019, Pilgrim becomes one of the very few companies that have earmarked a double-digit (10%) of its shares to the ESOP pool for 100% of its employees so early on in its journey. Employees who have spent a year (12 months) in the company (approximately 30 in number) will be able to benefit from this scheme. With this announcement, Pilgrim aims to acknowledge, celebrate, and reward the relentless efforts of the employees who’ve led the brand to stellar growth over the last 3.5 years, along with driving wealth creation. With a strong focus on employee well-being and hence benefits, Pilgrim has seen its employee-benefit-centric expenses grow 2.5x in the last 12 months. It has also doubled its employee strength in the same time period.
Gagandeep Makker, the Co-Founder of Pilgrim, added, “At Pilgrim, we are committed to solving hair and skin concerns of the consumers by discovering and bringing the best of beauty secrets from around the world. We have seen exponential growth in this journey - this would not have been possible without the relentless efforts of our employees. We feel honoured to have their support - some of whom have been with us since day zero and placed immense trust in us. The ESOP scheme is our way of showing gratitude and enabling them with future growth opportunities. We will continue to build towards employee well-being and, with their support, continue to build Pilgrim as one of the fastest-growing D2C personal care brands.”
Founded in 2019, Pilgrim is on an accelerated growth trajectory, eyeing 3x the current run rate in 2023. Pilgrim aims to empower employees to be a part of the company’s growth journey with the ESOP scheme and experience professional as well as financial growth opportunities. It aims to instill a sense of pride and ownership in brand building and growth. The ESOP scheme will be offered to the employees at face value and over and above their competitive salaries.
