Asaya, a direct-to-consumer skincare startup focusing on melanin-rich skin and hyperpigmentation, has raised ₹88 crore in a Series A funding round. The company aims to expand its product range, enhance research and development, and enter offline retail channels as it pursues rapid growth.
- Raised ₹88 crore led by existing investors, tripling valuation since last round
- Focus on R&D with proprietary hyperpigmentation complex MelaMe
- Plans to enter offline retail and expand quick commerce distribution
What happened
Asaya secured ₹88 crore (approximately $9.1 million) in a Series A round led by existing investors including RPSG Capital, OTP Ventures, Huddle Ventures, Hyperscale Ventures, and 72 Ventures. This funding round valued the company at ₹400 crore, up threefold since its previous round. The capital infusion will support research and development, product portfolio enhancement, geographic expansion, and scaling of distribution channels.
The startup, founded in 2021 by Neeraj Biyani, Eeti Sharma, and Mandeep Bhatia, targets skincare issues prevalent in melanin-rich skin, specifically hyperpigmentation. Its product lineup includes cleansers, serums, spot treatments, moisturizers, and sunscreens, incorporating a patented complex called MelaMe to reduce pigmentation within two weeks. The brand currently operates at an annualized revenue run rate of ₹100 crore and is poised to double its team to support growth.
Why it matters
This significant funding round reflects growing investor enthusiasm for India’s beauty and personal care sector, especially for brands addressing specific skincare concerns through scientific innovation. Asaya’s proprietary formulation differentiates it in a crowded market with prominent competitors like Minimalist and The Derma Co.
With India’s beauty market projected to grow from $31.19 billion in 2025 to $48.72 billion by 2034, Asaya’s focus on melanin-rich skin represents a meaningful niche with strong demand. The company’s ability to rapidly scale revenue and attract capital highlights the commercial potential of targeted, ingredient-led skincare solutions tailored to underserved consumer segments.
What to watch next
Asaya plans to deploy nearly 20% of the new capital toward advancing R&D activities while expanding its product portfolio to address additional skincare needs. The company will also explore offline retail partnerships alongside its existing presence on ecommerce and quick commerce platforms such as Nykaa, Amazon, Flipkart, and Zepto.
Market watchers should track how Asaya balances its omni-channel growth strategy, including ramping up team size and geographic reach, and how it leverages its patent-pending MelaMe complex to maintain competitive advantage. The startup’s progress toward its target of ₹200 crore annual recurring revenue within 18 months will also be an important performance indicator.