D2C Skincare Brand Asaya Bags ₹88 Cr, Eyes Offline Retail Entry

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, the startup said in a statement. 

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 as it expands its distribution and product portfolio.

Founded in 2021 by Neeraj Biyani, Eeti Sharma, and Mandeep Bhatia, Asaya offers skincare products developed for melanin-rich skin, with hyperpigmentation among its key focus areas. 

Its portfolio includes cleansers, serums, spot treatments, moisturisers, and sunscreens. It also offers products targeting hyperpigmentation on areas such as 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.

The startup 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. 

Prior to this, the D2C brand raised $3 Mn in its pre-Series A round led by RPSG Capital in September last year.

“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.

Going ahead, Asaya plans to deepen its presence across quick commerce platforms and explore offline retail partnerships. It currently sells through ecommerce and quick commerce platforms such as Nykaa, Amazon, Flipkart, Myntra, Tira, Purplle, Blinkit, Zepto, Swiggy Instamart, and BigBasket. 

The startup said its website serves more than 18,000 pin codes, of which over 2,000 are eligible for delivery within 24 hours. Its products are also available in the US and the UAE through Amazon. 

Asaya competes with the likes of Minimalist, Foxtale, Deconstruct, The Derma Co, Dr. Sheth’s, Dot & Key, Plum, and Be Clinical.

The funding comes amid heightened investor interest in India’s beauty and personal care (BPC) segment, particularly in brands offering ingredient-led and problem-specific products.

Just days ago, D2C skincare brand Be Clinical raised ₹21 Cr in a seed extension round led by Sauce VC to strengthen its R&D capabilities, expand its skin, body and haircare portfolio, scale manufacturing, and enter new markets.

Earlier this month, Typsy Beauty raised ₹20 Cr in a funding round led by Saama Capital as it looks to expand its presence across quick commerce and offline retail.

India’s BPC market was valued at $31.19 Bn in 2025 and is projected to reach $48.72 Bn by 2034, growing at a CAGR of 5.08%, according to IMARC Group report.

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