Nat Habit Raises Rs 142.6 Crore ($15 Million) in Series C Led by Trident Growth Partners, Valuation Nears Rs 800 Crore
Ayurveda-inspired personal care brand Nat Habit has raised Rs 142.6 crore, about $15 million, in a Series C round led by Trident Growth Partners, with existing investors including Bertelsmann, Firstport and Linklight Ventures also participating, according to regulatory filings.
Here’s how the round is structured. The board is issuing 22.5 lakh Series C preference shares at Rs 633.5 each. Trident Growth Partners is putting in Rs 91 crore, the largest cheque of the round, while Bertelsmann is investing Rs 37 crore and Linklight Ventures adds Rs 6.8 crore. After the allotment, Trident will hold an 11.44% stake and Bertelsmann will hold 17.54%, with the post-money valuation estimated at around Rs 800 crore. Of the total proceeds, Rs 2.6 crore will go toward reducing the employee stock option pool.
The expansion plan is where this gets interesting. Nat Habit wants to take its offline presence from roughly 20,000 stores to 2 lakh over the next three years, while strengthening distribution across general trade, modern trade and quick commerce. It also plans to scale manufacturing capacity from about 1 million units to 5 million units a month over the next two years, along with entering new cities and growing its team.
The numbers behind the bet look solid. Founded in 2019 by Swagatika Das and Gaurav Agarwal, Nat Habit sells Ayurvedic personal care products across hair oils, shampoos, hair masks, face washes, scrubs and moisturisers. Its revenue from operations grew 47.2% to Rs 106 crore in FY25, and this round follows its $10.2 million Series B in 2023.
The bigger shift is worth noting. The company is moving from a digital-first D2C playbook to a full omnichannel one, which is where many Indian D2C brands are heading as online customer acquisition gets more expensive.
A reality check: scaling from 20,000 to 2 lakh stores is an ambitious target, and offline distribution is capital-heavy and execution-heavy. How well Nat Habit delivers will decide whether this valuation holds up in the next round.
From a hair oil brand built online to a nationwide retail play, Nat Habit’s Series C shows where India’s next wave of D2C growth is coming from.
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— Sandeep Raiza