Mumbai-based direct-to-consumer skincare brand Asaya has raised ₹88 crore, approximately $9.1 million, in a Series A funding round led by existing investors RPSG Capital, OTP Ventures, Huddle Ventures, Hyperscale Ventures and 72 Ventures. The round values the company at ₹400 crore, about $41.8 million, which is three times its previous funding valuation. The capital will support research and development, product portfolio expansion, and distribution growth across new geographies.
Funding Round and Valuation
The Series A round was led entirely by existing investors, signalling continued confidence in Asaya’s growth trajectory. At a valuation of ₹400 crore, the company has tripled its worth since its last funding round, when it raised $3 million in a pre-Series A led by RPSG Capital. The startup confirmed that the fresh capital will help accelerate its expansion plans and deepen its market presence.
Capital Deployment and Team Expansion
Nearly 20 percent of the new capital has been earmarked for research and development to strengthen Asaya’s scientific edge. The remaining funds will be used to broaden the product portfolio and scale distribution across domestic and international markets. Asaya also plans to double its workforce in the coming months as it expands both its product lines and channel footprint.
Proprietary Innovation and Product Focus
Founded in 2021 by Neeraj Biyani, Eeti Sharma, and Mandeep Bhatia, Asaya formulates skincare products specifically for melanin-rich skin, with a strong focus on hyperpigmentation. Its portfolio includes cleansers, serums, spot treatments, moisturisers, sunscreens, and targeted solutions for areas such as knees, arms, thighs, and underarms. The company has developed MelaMe, a proprietary and patent-pending complex that is clinically proven to reduce hyperpigmentation within 14 days.
Revenue Growth and Distribution Expansion
Asaya said its revenue has grown 16 times since its previous funding round and that it is currently operating at an annualised revenue run rate of ₹100 crore. Cofounder Neeraj Biyani said the company is variable contribution-level profitable and aims to reach ₹200 crore in annualised revenue run rate within 18 months. The brand currently sells through ecommerce and quick commerce platforms such as Nykaa, Amazon, Flipkart, Myntra, Tira, Purplle, Blinkit, Zepto, Swiggy Instamart, and BigBasket.
Sector Momentum and Competitive Landscape
The company’s website services more than 18,000 pin codes, with over 2,000 pin codes eligible for delivery within 24 hours. Asaya products are also available in the United States and the United Arab Emirates through Amazon. The brand competes with Minimalist, Foxtale, Deconstruct, The Derma Co, Dr. Sheth’s, Dot & Key, Plum, and Be Clinical in the growing beauty and personal care market.
Investor Interest in Beauty and Personal Care
The funding comes amid heightened investor interest in India’s beauty and personal care segment, particularly for ingredient-led and problem-specific products. Recently, D2C skincare brand Be Clinical raised ₹21 crore in a seed extension round led by Sauce VC, while Typsy Beauty raised ₹20 crore in a round led by Saama Capital. India’s beauty and personal care market was valued at $31.19 billion in 2025 and is projected to reach $48.72 billion by 2034, according to IMARC Group.
Asaya’s Series A round illustrates the growing investor confidence in differentiated skincare brands that address specific consumer needs through proprietary science. With a threefold valuation increase, a 16-fold revenue jump, and plans to double its team, the company is positioning itself for accelerated scale across online and offline channels. Its expansion into quick commerce and international markets will be central to achieving the stated revenue target of ₹200 crore within 18 months.