Natural personal care D2C firm Nat Habit has raised $10.2 million in a Series B round led by Bertelsmann India Investments. Existing investor Fireside Ventures, along with other investors including Amazon India Fund, Mirabilis Investment Trust and Sharrp Ventures also participated in the round.
In September, Entrackr exclusively reported about the upcoming funding round. Prior to the latest fundraise, the startup scooped up $4 million as part of its Series A round in April 2022. Nat Habit plans to use the fresh capital for growth and expansion into new categories, foray into offline segment, research and development and hire more talents, the company said in a statement.
The company also said that it will use $2 million to provide exits to early investors. However, it did not disclose their names. Its early backers include Surge Ventures, Titan Capital, Whiteboard Capital and a host of angel investors such as Neeraj Kakkar, Devendra Chawla, and Suhasini Sampath.
Founded in 2019, Nat Habit focuses on the beauty and wellness categories with products such as moisturisers, hair oils, facewash, and ubtans.
Nat Habit sells its product through its own website and e-commerce marketplaces, including Amazon and Flipkart. The company claims that its direct sales account for about 55% total sales.
The company claims that it currently serves nearly 1.4 million customers and ships 15,000 units per day. As of now, tier I and II cities cover more than 70% of its user base.
Nat Habit disclosed that it is currently clocking an ARR of Rs 82 crore. It is also betting on the above-mentioned future plans that include expansion and comprehensive growth to achieve Rs 350 crore ARR in the next 24 months.
For the fiscal year ended in March 2023 (FY23), Nat Habit registered nearly Rs 40 crore revenue with a loss of Rs 17.6 crore, according to startup data intelligence platform TheKredible.