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

- Link: https://100xfounder.com/nat-habit-series-c-funding/
- Published: 2026-10-17T09:09:00+05:30
- Author: Lovish Madaan

[Consumer & D2C](https://100xfounder.com/category/consumer-d2c/)Lovish 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](https://inc42.com/?p=575466). 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](https://india.entrepreneur.com/business-news/nat-habit-raises-inr-142-cr-in-series-c)
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](https://india.entrepreneur.com/business-news/nat-habit-raises-inr-142-cr-in-series-c)
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](https://inc42.com/?p=575466)
and [Venture Intelligence](https://news.ventureintelligence.com/private-equity/beauty-brand-nat-habit-raises-$10.2-m-from-bertelsmann,-amazon,-mirabilis,-others).(
[Entrackr](https://entrackr.com/fintrackr/nat-habits-revenue-grows-80-in-fy24-losses-remain-flat-9010750),
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](https://www.nathabit.in/) 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.

![A red hibiscus flower in bloom](https://100xfounder.com/wp-content/uploads/2026/
10/a-red-hibiscus-flower-in-bloom-1024x768.jpg)

Hibiscus is among the ingredients Nat Habit names in its product range. · [Photo: Vengolis / Wikimedia Commons, CC BY-SA 3.0](https://commons.wikimedia.org/wiki/File:Hibiscus_rosa-sinensis_22.jpg)

Nat Habit says it has served more than 60 lakh (6 million) households in India, 
according to [Entrepreneur India](https://india.entrepreneur.com/business-news/nat-habit-raises-inr-142-cr-in-series-c).
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](https://news.ventureintelligence.com/private-equity/beauty-brand-nat-habit-raises-$10.2-m-from-bertelsmann,-amazon,-mirabilis,-others):

 * **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](https://inc42.com/?p=575466).

Before this round, [Entrackr](https://entrackr.com/fintrackr/nat-habit-posts-rs-106-cr-revenue-in-fy25-losses-surge-61-10960315)
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.

  |  Year |  Revenue from operations |  Net loss |  Total expenses |  
   |  FY23 |  ₹40 crore |  ₹17.6 crore |  ₹55 crore |  
 |  FY24 |  ₹72 crore |  ₹17.75 crore |  ₹91 crore |  
 |  FY25 |  ₹106 crore |  ₹29 crore |  ₹138 crore |

Sources: [Entrackr, FY24](https://entrackr.com/fintrackr/nat-habits-revenue-grows-80-in-fy24-losses-remain-flat-9010750)
and [Entrackr, FY25](https://entrackr.com/fintrackr/nat-habit-posts-rs-106-cr-revenue-in-fy25-losses-surge-61-10960315).
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](https://entrackr.com/fintrackr/nat-habit-posts-rs-106-cr-revenue-in-fy25-losses-surge-61-10960315).
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](https://www.outlookbusiness.com/corporate/nat-habit-secures-142-cr-funding-to-fuel-expansion-eyes-60-70-revenue-growth-in-fy27),
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.

![Office towers of Cyber City in Gurugram](https://100xfounder.com/wp-content/uploads/
2026/10/office-towers-of-cyber-city-in-gurugram-1024x498.jpg)

Gurugram, where Nat Habit's current manufacturing unit is located. · [Photo: Tarun4u / Wikimedia Commons, CC BY-SA 4.0](https://commons.wikimedia.org/wiki/File:Cyber_City_View.jpg)

## 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](https://inc42.com/?p=575466).
 * **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](https://www.outlookbusiness.com/corporate/nat-habit-secures-142-cr-funding-to-fuel-expansion-eyes-60-70-revenue-growth-in-fy27)
   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.

![Shelves of packaged goods inside a small shop in Hyderabad's Moazzam Jahi Market](
https://100xfounder.com/wp-content/uploads/2026/10/shelves-of-packaged-goods-inside-
a-small-shop-in-hyderabads-moazzam-jahi-market-1024x768.jpg)

Neighbourhood stores like this are central to Nat Habit's offline expansion plan.·
[Photo: Mouryan / Wikimedia Commons, CC BY-SA 4.0](https://commons.wikimedia.org/wiki/File:A_store_inside_Moazzam_Jahi_Market_in_Hyderabad.jpg)

## 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](https://technode.global/2026/08/26/indian-d2c-companies-raised-6b-in-equity-funding-across-2000-rounds-between-2021-and-2026-tracxn/)
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](https://entrackr.com/news/d2c-brand-kapiva-raises-60-mn-in-series-d-fireside-ventures-exits-10511610).
On the other side, [Inc42](https://inc42.com/?p=575466) reports that The Ayurveda
Co stopped operating in July 2025 after expanding too fast, and its closure was 
announced in September 2026.

![Leaves of an aloe vera plant](https://100xfounder.com/wp-content/uploads/2026/
10/leaves-of-an-aloe-vera-plant-1024x642.jpg)

Plant-based ingredients have become a crowded pitch in Indian personal care. · [Photo: Roger Culos / Wikimedia Commons, CC BY-SA 3.0](https://commons.wikimedia.org/wiki/File:Aloe_vera_MHNT.BOT.2011.3.95.jpg)

For more deals like this, see our [funding tracker](https://100xfounder.com/funding-tracker/)
and the latest [startup news](https://100xfounder.com/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](https://inc42.com/?p=575466)
 2.  Outlook Business (PTI), “Nat Habit Secures ₹142 Cr Funding To Fuel Expansion; 
     Eyes 60-70% Revenue Growth In FY27”, 10 October 2026. [Link](https://www.outlookbusiness.com/corporate/nat-habit-secures-142-cr-funding-to-fuel-expansion-eyes-60-70-revenue-growth-in-fy27)
 3.  Entrepreneur India, “Nat Habit Raises INR 142 Cr in Series C”, 12 October 2026.
     [Link](https://india.entrepreneur.com/business-news/nat-habit-raises-inr-142-cr-in-series-c)
 4.  Entrackr, “Nat Habit posts Rs 106 Cr revenue in FY25; losses surge 61%”, 31 December
     2025. [Link](https://entrackr.com/fintrackr/nat-habit-posts-rs-106-cr-revenue-in-fy25-losses-surge-61-10960315)
 5.  Entrackr, “Nat Habit’s revenue grows 80% in FY24; losses remain flat”, 28 April
     2025. [Link](https://entrackr.com/fintrackr/nat-habits-revenue-grows-80-in-fy24-losses-remain-flat-9010750)
 6.  Venture Intelligence, “Beauty brand Nat Habit raises $10.2 M from Bertelsmann,
     Amazon, Mirabilis, others”, 12 December 2023. [Link](https://news.ventureintelligence.com/private-equity/beauty-brand-nat-habit-raises-$10.2-m-from-bertelsmann,-amazon,-mirabilis,-others)
 7.  TechNode Global, “Indian D2C companies raised $6B in equity funding across 2,000
     rounds between 2021 and 2026: Tracxn”, 26 August 2026. [Link](https://technode.global/2026/08/26/indian-d2c-companies-raised-6b-in-equity-funding-across-2000-rounds-between-2021-and-2026-tracxn/)
 8.  Entrackr, “D2C brand Kapiva raises $60 Mn in Series D, Fireside Ventures exits”,
     29 September 2025. [Link](https://entrackr.com/news/d2c-brand-kapiva-raises-60-mn-in-series-d-fireside-ventures-exits-10511610)
 9.  Nat Habit, official website (About and product pages), accessed 15 October 2026.
     [Link](https://www.nathabit.in/)

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Sources (9)

 1.  [Inc42](https://inc42.com/?p=575466) 10 Oct 2026₹142 Cr (~$14.7 Mn) all-primary
     Series C, investors, founders and 2019 founding, 20,000 to 2 lakh stores, sunscreen/
     serums, Bharat consumer, ₹330 Cr annualised gross revenue, The Ayurveda Co closure
 2.  [Outlook Business (PTI)](https://www.outlookbusiness.com/corporate/nat-habit-secures-142-cr-funding-to-fuel-expansion-eyes-60-70-revenue-growth-in-fy27)
     10 Oct 2026₹330 Cr gross annual revenue FY26, 60-70% FY27 growth target, 1M to
     5M units capacity, Gurugram unit, new categories
 3.  [Entrepreneur India](https://india.entrepreneur.com/business-news/nat-habit-raises-inr-142-cr-in-series-c)
     12 Oct 2026Round details, 60 lakh households, use of funds, Trident's Atul Gupta
     remarks
 4.  [Entrackr](https://entrackr.com/fintrackr/nat-habit-posts-rs-106-cr-revenue-in-fy25-losses-surge-61-10960315)
     31 Dec 2025FY25 revenue ₹106 Cr, loss ₹29 Cr, expenses ₹138 Cr, ad spend ₹58 Cr(
     42%), ₹1.30 per rupee, ₹28 Cr cash, ~$16M raised, founders 33.1%
 5.  [Entrackr](https://entrackr.com/fintrackr/nat-habits-revenue-grows-80-in-fy24-losses-remain-flat-9010750)
     28 Apr 2025FY24 revenue ₹72 Cr vs ₹40 Cr FY23, losses ₹17.75 Cr and ₹17.6 Cr, 
     expenses ₹91 Cr and ₹55 Cr, founding year 2018
 6.  [Venture Intelligence](https://news.ventureintelligence.com/private-equity/beauty-brand-nat-habit-raises-$10.2-m-from-bertelsmann,-amazon,-mirabilis,-others)
     12 Dec 2023$10.2M Series B led by Bertelsmann, ~$2M secondary, $4M Series A 2022
     led by Fireside
 7.  [TechNode Global (Tracxn data)](https://technode.global/2026/08/26/indian-d2c-companies-raised-6b-in-equity-funding-across-2000-rounds-between-2021-and-2026-tracxn/)
     26 Aug 2026Indian D2C funding $6B 2021-2026, yearly and late-stage figures, Minimalist
     and Dermatouch acquisitions, Honasa listing
 8.  [Entrackr](https://entrackr.com/news/d2c-brand-kapiva-raises-60-mn-in-series-d-fireside-ventures-exits-10511610)
     29 Sep 2025Kapiva $60M Series D, $28M primary, Fireside exit
 9.  [Nat Habit](https://www.nathabit.in/) 15 Oct 2026Fresh Ayurveda claims, ingredients,
     product categories