Skincare startup Asaya bags Rs 88 Cr in Series A round

Skincare brand Asaya has raised Rs 88 crore in a Series A round led by RPSG Capital, with participation from OTP Ventures, Huddle Ventures, Hyperscale Ventures and 72 Ventures.

Following the funding, Asaya plans to expand its distribution through quick-commerce platforms and explore partnerships with offline retailers, the company said.

Founded in 2021 by Neeraj Biyani, Eeti Sharma and Mandeep Singh Bhatia, Asaya said the latest round values the company at Rs 400 crore, three times its previous valuation. The company claims to be operating at an annual revenue run rate of Rs 100 crore.

"We’ll be directing almost a fifth of the funding towards R&D, with the rest split across product-line expansion and geographic and channel growth," said Neeraj Biyani, co-founder of Asaya. He further added that it is targeting Rs 200 crore ARR within 18 months.

According to this startup, hyperpigmentation is the most common concern for those with melanin-rich skin and Asaya is developing MelaMe, a proprietary, patent-pending complex clinically proven to reduce hyperpigmentation faster. Asaya claimed that it reinvests up to 18% of revenue in R&D.

"Asaya isn't just building another skincare brand; it's redefining how skincare is created for millions of Indian consumers," said Sanil Sachar, Investor, Huddle Ventures. "Translating focus on product research and consumer experience into real momentum.”

Asaya said its products are available in over 18,000 pin codes and more than 2,000 PIN codes receiving deliveries within 24 hours. Its portfolio spans the full hyperpigmentation regimen, including a cleanser, serum, spot treatments, moisturisers and sunscreens.

Suhail Sameer, Investor, OTP Ventures, said, “Five of Asaya’s top eight products now outperform the repeat-purchase rates of the leading brands in their categories. Since its last funding round, its customer base has grown ninefold, and its social following eightfold."