Nat Habit raises ₹142 crore Series C led by Trident Growth Partners

Consumer & D2CLovish MadaanOct 17, 20267 min read

Nat Habit, the Indian personal care brand that sells what it calls “fresh Ayurveda”, has raised ₹142 crore (about $14.7 million) in a Series C round led by Trident Growth Partners, according to Inc42. The round was reported on 10 October 2026 and is all primary capital, meaning the money goes into the company rather than buying out earlier shareholders.

Existing backers Bertelsmann India Investments, Mirabilis Investment Trust and Sharrp Ventures put in more money, and Physis Capital and Hero Family Office joined as new investors, Entrepreneur India reported on 12 October. (One crore is 10 million rupees, so ₹142 crore is ₹1.42 billion.)

Key takeaways

• Nat Habit raised ₹142 crore in an all-primary Series C led by Trident Growth Partners, with three existing and two new investors.
• The company says its annualised gross revenue has reached ₹330 crore. Its last filed accounts show ₹106 crore in operating revenue and a ₹29 crore net loss for FY25.
• Most of the money goes to offline retail, quick commerce, new categories such as sunscreen and serums, and more manufacturing capacity.
• No valuation was disclosed.

The deal in detail

Trident Growth Partners led the round. Entrepreneur India reports that Atul Gupta, Trident’s managing partner, described the company as being at an inflection point and credited the founders with scaling the business while keeping it profitable. He said Trident would work with the founders and its operating partners to build out the organisation and expand online and offline. Neither the company nor the investors have published a valuation or the stake Trident takes, and reports did not give one.

Because the round is all primary, it differs from many recent late-stage consumer deals in India, where part of the money goes to early investors who want to sell. Nat Habit’s own Series B in December 2023 included close to $2 million of secondary sales, as covered below.

What Nat Habit sells

Swagatika Das and Gaurav Agarwal started Nat Habit in 2019, according to Inc42 and Venture Intelligence. (Entrackr, writing from company filings, gives the founding year as 2018.) The brand sells hair oils, masks, scrubs and face creams across hair, skin, body and baby care, and pitches them as Ayurvedic principles combined with modern science.

Its pitch is freshness. On its website the company says its products are “made fresh in an Ayurvedic Kitchen” from herbs, nuts, grains, milk, oils and butters, and that it uses no synthetic preservatives. Those are the company’s own claims; we have not tested them. The site groups products by concern, such as pigmentation, hair fall, dandruff and dry skin, as well as by ingredient.

Nat Habit says it has served more than 60 lakh (6 million) households in India, according to Entrepreneur India. That is a company figure, not an independently audited one.

Funding history

The Series C is Nat Habit’s third institutional round. According to Venture Intelligence:

• Series A (2022): $4 million, led by Fireside Ventures.
• Series B (December 2023): $10.2 million, led by Bertelsmann India Investments, with Amazon India Fund, Mirabilis Investment Trust, Sharrp Ventures and returning investor Fireside Ventures. Close to $2 million of it was secondary sales by early backers, including Whiteboard Venture Partners and angel investors.
• Series C (October 2026): ₹142 crore (about $14.7 million), led by Trident Growth Partners and all primary, per Inc42.

Before this round, Entrackr put Nat Habit’s total funding at about $16 million and the co-founders’ combined stake at 33.1%.

What the published financials show

The latest audited figures come from filings with India’s Registrar of Companies, as reported by Entrackr. They show a brand growing quickly while still spending heavily on marketing.

Scroll the table sideways →

Sources: Entrackr, FY24 and Entrackr, FY25. India’s financial year runs from April to March, so FY25 ended on 31 March 2025.

Advertising is the largest cost. Nat Habit spent ₹58 crore on ads in FY25, up 61% from ₹36 crore a year earlier and equal to 42% of total expenses, according to Entrackr. It spent ₹1.30 to earn each rupee of operating revenue in FY25, compared with ₹1.26 in FY24, and ended the year with ₹28 crore in cash and bank balances.

The newer figure is harder to compare. With the Series C, the company said its annualised gross revenue had reached ₹330 crore, which Outlook Business, carrying a PTI report, described as gross annual revenue for FY26. Gross revenue usually includes taxes and discounts that are deducted before revenue from operations is reported, so ₹330 crore cannot be read directly against the ₹106 crore filed for FY25. FY26 accounts have not yet been reported. The same Outlook Business report says the company is aiming for 60–70% revenue growth in FY27.

Where the money goes

Nat Habit and the reports name four uses for the money.

• Offline retail. The brand wants to go from about 20,000 stores to 2 lakh (200,000) within three years, building out general trade (India’s neighbourhood kirana shops) and entering modern trade (supermarket chains), according to Inc42.
• Quick commerce. The company plans to grow on 10-minute delivery apps and to push digital sales in Tier 2 and Tier 3 cities.
• New categories. Inc42 reports plans to enter sunscreens and serums. Outlook Business adds body wash and hair colour to the three-year list.
• Manufacturing. The company plans to take capacity from 1 million to 5 million units over two years. Its current plant is in Gurugram, and it may build a greenfield unit in central India or split capacity across two sites, according to Outlook Business.

Inc42 also reports that Nat Habit wants to reach the “Bharat consumer”, meaning buyers in smaller towns, beyond its current base of higher-income, highly educated urban shoppers. Smaller packs and different messaging are part of that plan.

India’s D2C beauty and personal care funding context

The round arrives as investors grow pickier about consumer brands. Tracxn data published by TechNode Global in August 2026 shows Indian D2C (direct-to-consumer) companies raised about $6 billion across some 2,000 rounds from 2021 to 2026. Annual funding peaked at $1.6 billion in 2022, fell to $824 million in 2024 and recovered to $898 million in 2025. Late-stage money shrank most, from $883 million across 22 rounds in 2022 to $271 million across 15 rounds in 2025.

Exits have mostly come through acquisitions by large consumer companies. The same Tracxn data points to Hindustan Unilever buying skincare brand Minimalist for $350 million and Wipro Consumer Care buying Dermatouch for $41 million, while Mamaearth’s parent Honasa Consumer listed on the stock market in 2023.

Ayurveda-led brands in particular have had mixed fortunes. Kapiva raised a $60 million Series D in September 2025, of which $28 million was primary, letting early investor Fireside Ventures exit, according to Entrackr. On the other side, Inc42 reports that The Ayurveda Co stopped operating in July 2025 after expanding too fast, and its closure was announced in September 2026.

For more deals like this, see our funding tracker and the latest startup news.

Why it matters

Raising entirely primary money at Series C, while the late-stage D2C market is shrinking, shows investors still back consumer brands that report strong top-line growth. Nat Habit’s bet is that a shift to offline is worth the cost. Moving from 20,000 to 200,000 stores and adding factory capacity costs a lot of money, and the FY25 filings show a company still losing money and spending heavily on ads. The FY26 audited accounts, when filed, will show whether the ₹330 crore gross figure comes with a smaller loss.

FAQ

How much did Nat Habit raise in its Series C?

₹142 crore, about $14.7 million, all in primary capital, according to Inc42.

Who led the round?

Trident Growth Partners. Bertelsmann India Investments, Mirabilis Investment Trust, Sharrp Ventures, Physis Capital and Hero Family Office also took part.

Who founded Nat Habit?

Swagatika Das and Gaurav Agarwal.

What is Nat Habit’s revenue?

Filed revenue from operations was ₹106 crore in FY25, according to Entrackr. The company says its annualised gross revenue is now ₹330 crore, which is a different measure.

What is Nat Habit’s valuation?

No valuation has been disclosed for the Series C.

Sources

1. Inc42, “D2C Brand Nat Habit Raises ₹142 Cr To Scale Offline Expansion”, 10 October 2026. Link
2. Outlook Business (PTI), “Nat Habit Secures ₹142 Cr Funding To Fuel Expansion; Eyes 60-70% Revenue Growth In FY27”, 10 October 2026. Link
3. Entrepreneur India, “Nat Habit Raises INR 142 Cr in Series C”, 12 October 2026. Link
4. Entrackr, “Nat Habit posts Rs 106 Cr revenue in FY25; losses surge 61%”, 31 December 2025. Link
5. Entrackr, “Nat Habit’s revenue grows 80% in FY24; losses remain flat”, 28 April 2025. Link
6. Venture Intelligence, “Beauty brand Nat Habit raises $10.2 M from Bertelsmann, Amazon, Mirabilis, others”, 12 December 2023. Link
7. TechNode Global, “Indian D2C companies raised $6B in equity funding across 2,000 rounds between 2021 and 2026: Tracxn”, 26 August 2026. Link
8. Entrackr, “D2C brand Kapiva raises $60 Mn in Series D, Fireside Ventures exits”, 29 September 2025. Link
9. Nat Habit, official website (About and product pages), accessed 15 October 2026. Link

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