Asaya raises ₹88 Cr Series A for melanin-rich skincare
D2C skincare brand Asaya has raised ₹88 Cr (about $9.1 Mn) in a Series A funding round led by existing investors RPSG Capital, OTP Ventures, Huddle Ventures, Hyperscale Ventures and 72 Ventures.
The round valued Asaya at ₹400 Cr (about $41.8 Mn), three times the valuation at which it raised its previous funding round.
Asaya develops skincare products for melanin-rich skin, with hyperpigmentation among its key focus areas. Its portfolio includes cleansers, serums, spot treatments, moisturisers, and sunscreens, including products targeting hyperpigmentation on the knees, arms, thighs, and underarms.
Asaya has developed MelaMe, a proprietary, patent-pending complex that the startup says is clinically proven to reduce hyperpigmentation in 14 days. It claims it is among the few D2C skincare brands to have developed a proprietary complex for this segment.
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Asaya plans to deploy nearly 20% of the fresh capital towards R&D. The remaining funds will be used to expand its product portfolio and grow across geographies and distribution channels. It is also looking to double its team in the coming months.
The company sells through ecommerce and quick commerce platforms including Nykaa, Amazon, Flipkart, Myntra, Tira, Purplle, Blinkit, Zepto, Swiggy Instamart, and BigBasket. It plans to deepen its presence across quick commerce platforms and explore offline retail partnerships. Its products are also available in the US and the UAE through Amazon.
Asaya said its revenue has grown 16X since its previous funding round and that it is currently operating at an annualised revenue run rate of ₹100 Cr.
“This Series A tells us we’re on the right path. We are now variable contribution-level profitable and targeting ₹200 Cr in ARR within 18 months,” said cofounder Biyani.
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