Nat Habit Founders: Swagatika Das and Gaurav Agarwal’s Story, Funding and Numbers (2026)

On 10 October 2026, the Nat Habit founders, Swagatika Das and Gaurav Agarwal, announced a ₹142 crore (about $14.7 Mn) Series C led by Trident Growth Partners. The company says it now runs at ₹330 crore (about $34 Mn) in annualised gross revenue.

The last full year on file reads differently. FY25 shows ₹106 crore (about $11 Mn) of revenue and a ₹29 crore (about $3 Mn) net loss, according to Entrackr’s reading of Registrar of Companies filings.

Dollar figures in this piece use about ₹96.6 to the dollar, the rate implied by Inc42’s October 2026 conversion of the Series C. They are indicative. This story separates what the company says, what filings show, and what StartupIndiaX could not confirm.

In this story (about 11 minute read)

Who the Nat Habit founders are, and what each brings

Swagatika Das is CEO and co-founder. YourStory’s HerStory profile in November 2021 described her as an IIT Kharagpur topper and former Apple employee. Women’s Web reports that she launched a tech product social media company, Stitchio, in 2015, after about two years at Apple. Karo Startup adds INSEAD to her education, though StartupIndiaX saw that in only one profile.

Gaurav Agarwal is the other co-founder. Karo Startup describes him as the operations, technology and scaling counterpart to Das. A podcast listing from 2024 says he earlier ran ZipGo, a ride-hailing startup, and moved on after finding it cash-hungry. The listing also says ZipGo was acquired. StartupIndiaX found no second source, so treat that as unconfirmed.

An Inc42 feature says Agarwal comes from a family of doctors and Das from an agricultural background, and that a shared pull toward natural living brought them together. That backstory matters because it explains the brand’s early promise: personal care made from fresh ingredients, with no preservatives to hide behind.

“All good things are born out of habits.” Swagatika Das, explaining the company name to Entrepreneur India, 26 March 2024

The Nat Habit founders’ path in nine dated steps

Most coverage dates the company to 2019. Entrackr and Inc42’s data pages say 2018. StartupIndiaX uses 2019 and flags the gap.

One comparison is worth making carefully. At the Series B in December 2023, Inc42 reported that the company aimed to reach about ₹350 crore (about $36 Mn) in annual recurring revenue within two years. In October 2026 the company cites ₹330 crore (about $34 Mn) in annualised gross revenue. That is close, but ARR and annualised gross revenue are not the same measure, so the two numbers should not be read as a hit or a miss.

Read More: Primetrace Founder Story: From a Facebook Ad Test to a Reported ₹200 Crore EBITDA Run Rate

A brand that refuses to sit on a shelf

Nat Habit’s whole pitch is freshness. Women’s Web reported that its products last from about 30 days to three months depending on ingredients. HerStory noted that shipping preservative-free products across India was an early operating headache.

Das told Exchange4media in October 2024 that freshness is the point of the whole proposition.

“…you get the best out of it when it’s fresh.” Swagatika Das, Exchange4media, 23 October 2024

In an Indian Retailer interview, Das described the supply chain as just-in-time, which is how a company with short shelf lives avoids stale stock. The same interview gave a repeat-purchase rate of 52 percent. That is a company claim, and StartupIndiaX has not verified it.

Distribution has shifted in stages. Early on, Indian Retailer reported that around 90 percent of business came through the company’s own website. By December 2024, Entrepreneur India reported that sales were split roughly evenly between the website and third-party platforms. In October 2026, Inc42 reported a plan to go from about 20,000 offline stores to 2 lakh over three years. Nykaa, Amazon, Flipkart and Myntra are among the marketplaces where the products sell.

Four rounds in under six years: the funding record

Nat Habit raised a $2 Mn seed in February 2021 from Surge (Sequoia), Whiteboard Capital and consumer-brand founders. Fireside Ventures led a $4 Mn Series A in April 2022. Bertelsmann India Investments led a $10.2 Mn (₹85 crore) Series B in December 2023, with Amazon India Fund, Mirabilis Investment Trust and Sharrp Ventures among the backers reported.

The Series C is ₹142 crore (about $14.7 Mn), the largest so far. It is all primary, meaning every rupee goes to the company rather than to existing holders. Trident Growth Partners led, three existing investors took part, and Physis Capital and Hero Family Office came in as new names.

Totals before the Series C do not agree. Inc42 Datalabs shows $16.2 Mn and CB Insights $13.5 Mn, so StartupIndiaX does not add them up. Entrackr, citing TheKredible, said the two founders together owned 33.1 percent. That figure predates the Series C. A primary round issues new shares, so the founders’ stake will have fallen, though the company has not said by how much.

Where the money goes: advertising at 42 percent of costs

Entrackr’s reading of the FY25 filing is the most detailed public look at the business. Revenue from operations rose 47 percent to ₹106 crore (about $11 Mn) from ₹72 crore (about $7.5 Mn) in FY24, and came entirely from product sales. FY24 itself was up about 80 percent from ₹40 crore (about $4.1 Mn).

Costs grew faster. Total expenses rose 52 percent to ₹138 crore (about $14.3 Mn). Advertising was the largest line at ₹58 crore (about $6.0 Mn), 42 percent of the total, up from ₹36 crore. Employee costs were ₹24 crore (about $2.5 Mn) and materials ₹21 crore (about $2.2 Mn).

The result was a net loss of ₹29 crore (about $3.0 Mn), up 61 percent from ₹18 crore. Nat Habit spent ₹1.30 to earn each rupee of operating revenue, against ₹1.26 a year earlier. At the end of FY25 it held ₹28 crore (about $2.9 Mn) in cash and bank balances, per Entrackr. Entrackr calculated an EBITDA margin of about minus 27 percent.

There is a conflicting signal. Nat Habit has reportedly told Indian Retailer that it has reached EBITDA profitability, and Trident’s Atul Gupta cited the founders’ ability to scale while keeping profitability. StartupIndiaX could not tell which period those statements cover, and found no FY26 filing. Until one appears, the filed year remains the verified one.

Read More: Nithin Kamath Net Worth: The Zerodha Founder Who Never Took a VC Cheque

Five revenue numbers, one company

A reader searching for Nat Habit’s revenue meets at least five numbers. The filing says ₹106 crore (about $11 Mn) for FY25. Inc42 Datalabs shows ₹109.3 crore. Das has put FY25 at ₹130 crore (about $13.5 Mn). Rebrand coverage in October 2025 said the company was nearing ₹250 crore (about $26 Mn). The October 2026 release says ₹330 crore (about $34 Mn) in annualised gross revenue. A sixth figure, ₹110 crore, appears in an Indian Retailer interview headline, and StartupIndiaX could not confirm its measure or period.

These are different measures. Gross figures are normally counted before deductions such as discounts and returns, and annualised figures extrapolate a recent period. That makes them run higher than filed revenue. This is editorial analysis, not a company statement, and Nat Habit has not published a bridge between the numbers. PTI wire copy also words the ₹330 crore figure as FY26 gross annual revenue, while the company release says annualised.

What the ₹142 crore is for

Das told PTI that the company plans to lift capacity from 1 million to 5 million units over two years, using a greenfield unit. She also named body wash, serums, sunscreen and hair colour as new categories over three years. The company targets 60 to 70 percent revenue growth in FY27. If that applied to ₹330 crore, it would imply roughly ₹530 to ₹560 crore (about $55 to $58 Mn). That sum is editorial arithmetic and assumes the same measure, which the company has not confirmed.

Inc42 reported the retail plan: from about 20,000 stores to 2 lakh over three years, with pack sizes aimed at what the company calls the Bharat consumer, plus quick commerce and smaller towns. Trident’s Atul Gupta, in coverage of the deal, said the company had reached an inflection point.

Natural personal care “should never require consumers to compromise on freshness or efficacy.” Swagatika Das, company statement on the Series C, 12 October 2026

Read More: DailyObjects Founder Story: From Phone Cases to a ₹1,050 Crore Valuation

Festive season: the context, and what no one has said

The raise landed on 10 October 2026, just as India’s festive shopping began. Business Standard, citing TechSci Research, put expected festive e-commerce sales at ₹1.55 to 1.60 lakh crore (about $16.0 to $16.6 Bn), against ₹1.24 lakh crore (about $12.8 Bn) a year earlier. That is a sector estimate, not a Nat Habit number.

Gifting is part of the brand’s playbook. Das told IndiaMART in October 2025 that festive gifting was becoming more personal and experience-led, with self-care a way of showing care. Nat Habit also sold a Diwali gift set on Myntra, though the listing page shows no year.

What is missing matters more. No source StartupIndiaX found links Nat Habit’s festive sales to the Series C, and the company has not said festive demand shaped the timing. Read the date as context. It is not a cause.

Kapiva, The Ayurveda Co and the risk in the plan

Kapiva is the nearest filed comparison, with a caveat: it sells Ayurveda wellness and nutrition, so the categories only partly overlap. In FY25 Kapiva reported ₹342 crore (about $35.4 Mn) of operating revenue and ₹188 crore (about $19.5 Mn) of advertising. Nat Habit’s advertising was about 55 percent of its revenue. So was Kapiva’s. Kapiva spent ₹1.22 per rupee of revenue against Nat Habit’s ₹1.30. In September 2025 Kapiva raised a $60 Mn Series D, with Fireside Ventures exiting, per Entrackr.

The cautionary case sits next to the raise. In its Series C report, Inc42 noted that The Ayurveda Co shut down after over-expansion. Going from 20,000 to 2 lakh stores is a tenfold jump for a product with a short shelf life. StartupIndiaX’s own read, labelled as analysis: stock turnover, distributor terms and working capital are where that plan will be tested, and the company has not said how it will manage them.

Valuation and net worth: what is not known

Nat Habit has not disclosed a Series C valuation in any coverage StartupIndiaX found. Data sites show estimates that range from $21.5 Mn (Caplight, for December 2023) to a $100 to $250 Mn band (Dealroom, 2026). None is verified, and they differ by an order of magnitude.

No credible source gives a net worth for either founder. A stake percentage without a valuation cannot be converted into one. If the company later discloses the Series C valuation, this section will be updated.

What other founders can take from Nat Habit

1. A product promise has a cost structure. Fresh, preservative-free products forced a just-in-time supply chain and in-house capacity. The Series C is largely about relieving that constraint, with capacity planned to rise fivefold.
2. Own the channel first, then widen it. Nat Habit began with its website, reached an even split with marketplaces by December 2024, and is now going into quick commerce and stores.
3. Advertising buys scale and losses together. Spending about 55 percent of revenue on ads bought growth in FY25, and a ₹29 crore loss. Founders modelling a similar path can test dilution with the Funding Round Dilution Calculator and months of cash with the Startup Runway Calculator.
4. Say which revenue you mean. Five different figures are in circulation for one company. Naming the measure, whether filed, gross or annualised, protects credibility with investors and readers.

The Nat Habit founders have raised the money. What they have not yet shown publicly is a filed year that matches the scale they describe. The next test is the FY26 filing, and whether freshness still works at 2 lakh stores.

If you have watched Nat Habit grow, or worked with the brand, tell us in the comments what the numbers miss. Founders with a story of their own can share it with StartupIndiaX, and more founder case studies are on the site.

FAQs

Sources, disclosure and author

Story type: public-source profile and case study. No founder interview.

Sources

• Outlook Business (PTI), “Nat Habit Secures ₹142 Cr Funding To Fuel Expansion; Eyes 60-70% Revenue Growth In FY27”, 10 Oct 2026: https://www.outlookbusiness.com/corporate/nat-habit-secures-142-cr-funding-to-fuel-expansion-eyes-60-70-revenue-growth-in-fy27
• Inc42, “D2C Brand Nat Habit Raises ₹142 Cr To Scale Offline Expansion”, 10 Oct 2026: https://inc42.com/buzz/d2c-brand-nat-habit-raises-%E2%82%B9142-cr-to-scale-offline-expansion/
• Entrepreneur India, “Nat Habit Raises INR 142 Cr in Series C”, 12 Oct 2026: https://india.entrepreneur.com/business-news/nat-habit-raises-inr-142-cr-in-series-c
• Storyboard18, “Nat Habit raises ₹142 crore in Series C as revenue hits ₹330 Crore”, Oct 2026: https://www.storyboard18.com/brand-marketing/nat-habit-raises-142-crore-in-series-c-funding-to-scale-expansion-ws-l-112395.htm
• DealStreetAsia, “India: Ayurveda-focused Nat Habit raises $15m funding led by Trident Growth Partners”, 12 Oct 2026: https://www.dealstreetasia.com/stories/nat-habit-trident-growth-497814
• Entrackr, “Nat Habit posts Rs 106 Cr revenue in FY25; losses surge 61%”, 31 Dec 2025: https://entrackr.com/fintrackr/nat-habit-posts-rs-106-cr-revenue-in-fy25-losses-surge-61-10960315
• Entrackr, “Kapiva spends Rs 188 Cr on advertising in FY25; posts Rs 342 Cr revenue”, 2 Jan 2026: https://entrackr.com/fintrackr/kapiva-spends-rs-188-cr-on-advertising-in-fy25-posts-rs-342-cr-revenue-10965403
• Entrackr, “D2C brand Kapiva raises $60 Mn in Series D, Fireside Ventures exits”, Sep 2025: https://entrackr.com/news/d2c-brand-kapiva-raises-60-mn-in-series-d-fireside-ventures-exits-10511610
• Indian Retailer, “Kapiva Sees Strong FY25 Revenue Growth, Profitability Remains Under Pressure”: https://indianretailer.com/news/kapiva-sees-strong-fy25-revenue-growth-profitability-remains-under-pressure
• YourStory, “Nat Habit raises Series B round led by Bertelsmann”, Dec 2023: https://yourstory.com/2023/12/nat-habit-series-b-funding-bertelsmann-fireside-amazon-sharrp-ventures
• YourStory HerStory, “Meet the former Apple employee who co-founded fresh skincare brand Nat Habit”, Nov 2021: https://yourstory.com/herstory/2021/11/former-apple-employee-swagatika-das-nat-habit
• Entrepreneur India, “The Habit Crusader: Swagatika Das, Co-Founder, Nat Habit”, 26 Mar 2024: https://india.entrepreneur.com/entrepreneurs/the-habit-crusader-swagatika-das-co-founder-nat-habit/471672
• Exchange4media, “Consumer awareness and skincare portfolio will help Nat Habit reach Rs 300 cr topline”, Oct 2024: https://www.exchange4media.com/marketing-news/consumer-awareness-and-skincare-portfolio-will-help-nat-habit-reach-rs-300-cr-topline-138190.html
• Indian Retailer, “Nat Habit’s triple play: 52 pc repeat rate, Rs 110 cr revenue and…”: https://indianretailer.com/interview/retail-people/new-commerce/nat-habits-triple-play-52-pc-repeat-rate-rs-110-cr-revenue-and
• Inc42, “Can Nat Habit Outdo Mamaearth, Plum & The Ilk In The Beauty & Personal Care Space”: https://inc42.com/startups/can-nat-habit-outdo-mamaearth-plum-the-ilk-in-the-beauty-personal-care-space/
• Karo Startup, “Nat Habit: The Fresh Ayurveda Bet That Changed Skincare”: https://www.karostartup.com/startup-stories/nat-habit-the-fresh-ayurveda-bet-that-changed-skincare
• Women’s Web, Swagatika Das profile: https://www.womensweb.in/?p=260748
• Inc42 Datalabs, Nat Habit company profile: https://inc42.com/company/nat-habit/
• Caplight: https://www.caplight.com/company/nathabit and Dealroom: https://dealroom.co/companies/nat-habit/ (valuation estimates, unverified)
• Also cited, URL to be added: Business Standard (TechSci festive estimate, Oct 2026); IndiaMART (Das on gifting, Oct 2025); NDTV Shopping (Diwali gift set listing); BW Retail World (₹130 crore statement); MediaNews4U (rebrand, Oct 2025); Marketing Mind (campaign, Oct 2024); 2024 podcast listing on Gaurav Agarwal; BeautyMatter (seed and Series A, 2021 and 2022).

AI-assistance note: This article was drafted and reviewed and fact-checked by StartupIndiaX Editorial Team.

Corrections: Spotted an error? Email corrections@startupindiax.com and we will review and update the article.

Written by StartupIndiaX Editorial Team, StartupIndiaX writer covering Indian startups, founders, and entrepreneurship.