The cosmetic brand Asaya has successfully completed its fundraising in the Series A round, raising 88 crore rupees. The round was 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 partnership opportunities with offline retailers.
The company, founded in 2021 by Neeraj Biyani, Eeti Sharma, and Mandip Singh Bhatia, announced that its latest valuation reached 400 crore rupees, tripling its previous valuation. According to the company, Asaya's annual revenue reaches 100 crore rupees.
Neeraj Biyani, co-founder of Asaya, stated that nearly one-fifth of the raised funds will be allocated to Research and Development (R&D), while the remainder will be distributed across product line expansion, as well as geographical and channel growth. He also noted the goal of achieving an Annual Recurring Revenue (ARR) of 200 crore rupees within the next 18 months.
According to the startup's information, hyperpigmentation is the most common skin concern for people with melanin-rich skin. In this regard, Asaya is developing MelaMe—a patented complex clinically proven to reduce hyperpigmentation faster. The company claims to reinvest up to 18% of its revenue into R&D.
Sanil Sachar, an investor at Huddle Ventures, emphasized that Asaya is not just creating another cosmetic brand, but rethinking the process of cosmetics creation for millions of Indian consumers, shifting the focus towards product research and consumer experience into real momentum.
Asaya stated that its products are available in over 18,000 postal codes, and delivery is available within 24 hours in over 2,000 postal codes. The company's portfolio covers a complete range for fighting hyperpigmentation, including cleansers, serums, spot treatments, moisturizers, and sunscreens.
Suhail Sameer, an investor at OTP Ventures, noted that five out of Asaya's top eight products now outperform leading brands in their respective categories in terms of repeat purchases. He also added that since the last funding round, the company's customer base has increased ninefold, and social media presence has increased eightfold.