Nat Habit Raises ₹142 Cr to Put Its Beauty Products in More Stores

Gurugram-based D2C personal care brand Nat Habit has raised ₹142 crore (~$16 Mn) in an all-primary Series C round led by Trident Growth Partners. The round brought back existing backers Bertelsmann India Investments, Mirabilis Investment Trust and Sharrp Ventures, alongside two new entrants Physis Capital and the Hero Family Office.

What stands out isn’t the round size it’s the scale of what Nat Habit plans to do with it. The brand currently sells through roughly 20,000 offline stores and wants to take that to 2 lakh stores within three years, a 10x jump in physical retail footprint for a brand that built its business almost entirely online.

That’s an unusually aggressive offline bet for a D2C brand at this stage, especially with quick commerce simultaneously eating into the case for physical retail everywhere else in consumer tech.

The Details

• Round size₹142 crore (~$16 Mn), Series C all-primary
• Lead investorTrident Growth Partners
• Returning investorsBertelsmann India Investments, Mirabilis Investment Trust, Sharrp Ventures
• New investorsPhysis Capital, Hero Family Office
• Previous round$10.2 Mn Series B in 2023
• Implied jumpThis round is roughly 1.5x the size of its Series B a steadier increase than a typical hype-cycle Series C, suggesting disciplined, growth-matched fundraising rather than a valuation sprint

A Brand Built On “Fresh” Ayurveda

Swagatika Das and Gaurav Agarwal founded Nat Habit in 2019 around a simple positioning: Ayurvedic personal care made fresh, not shelf-stable.

The brand spans hair care, skin care, body care and baby care, and claims to have reached 60+ lakh households across India.

Its annualised gross revenue now stands at ₹330 crore which means this ₹142 crore raise is worth nearly 43% of a full year’s revenue, a large capital infusion relative to the business’s current size.

Five Times the Factory, Ten Times the Stores

The fund deployment plan reveals where Nat Habit thinks its real growth lever is: manufacturing capacity will scale from ~1 million units a month to 5 million units a month over two years a 5x increase that has to happen before the offline stores can actually be stocked.

That sequencing matters. Scaling distribution without scaling production first is how D2C brands end up with empty shelves and broken retailer trust so the capacity buildout isn’t a side detail, it’s the precondition for the entire offline bet working at all.

Beyond retail, the capital will also go toward strengthening quick commerce presence and deepening digital reach into Tier 2 and Tier 3 cities essentially fighting on three fronts (offline, quick commerce, deeper digital) simultaneously rather than sequentially.

The Hard Part Isn’t Raising, It’s Selling In

Taking a brand from 20,000 to 2 lakh stores isn’t primarily a capital problem it’s a distribution and merchandising problem, and it’s exactly where D2C brands with strong online numbers have historically struggled once they leave the comfort of their own app and website. General trade retailers have their own shelf-space politics, payment cycles and regional preferences that a performance-marketing playbook doesn’t prepare you for. Nat Habit’s 60-70% revenue growth target for FY27 assumes this transition goes smoothly on a timeline most consumer brands take much longer to execute. The real test isn’t whether Nat Habit can manufacture 5x more product it’s whether India’s fragmented general trade network will actually stock and push it at that pace.

The Bottom Line

Nat Habit has the capital and the factory plan lined up what it doesn’t have yet is proof that an online-first Ayurveda brand can win the much slower, messier game of general trade retail.