Bengaluru-based skincare brand Asaya has raised ₹88 crore ($9.2 million) in a Series A funding round led by RPSG Capital Ventures, with participation from OTP Ventures, Huddle Ventures, Hyperscale Ventures and 72 Ventures.
The latest funding round has placed the company at a post-money valuation of ₹400 crore, representing a threefold increase from its previous valuation. The transaction includes a combination of primary capital and secondary share purchases, with the secondary component providing liquidity to some of the company’s early angel investors.
Founded by Neeraj Biyani, Eeti Sharma and Mandeep Singh Bhatia, Asaya focuses on developing targeted skincare regimens aimed at addressing specific concerns including hyperpigmentation, acne and dehydration.
Biyani, who previously served as a co-founder of Paper Boat, is part of the founding team alongside Sharma and Bhatia. The company’s approach centres on developing targeted formulations rather than relying on broad skincare product categories.
One of Asaya’s key areas of focus is MelaMe, its proprietary, patent-pending complex developed specifically to address pigmentation on melanin-rich skin. The formulation forms an important part of the company’s efforts to build skincare solutions designed around the needs of consumers with different skin characteristics.
The latest capital comes as Asaya looks to expand both its online and offline presence. The brand currently sells through its direct-to-consumer website as well as online marketplaces including Nykaa, Amazon, Flipkart and Myntra.
Beyond its existing digital channels, Asaya is also scaling its presence across quick-commerce platforms. The company is simultaneously expanding its physical retail partnerships across Tier 1 and Tier 2 cities, indicating a broader distribution strategy as it seeks to increase its reach beyond the D2C channel.
The funding gives Asaya additional capital to support this expansion while strengthening its position in India’s growing specialised skincare market. Its focus on targeted regimens and formulations for concerns such as pigmentation, acne and dehydration reflects the increasing shift among D2C beauty brands toward more specialised and ingredient-led product offerings.
The company’s emphasis on melanin-rich skin also differentiates its positioning within the broader skincare segment, where brands are increasingly developing products around specific consumer needs rather than relying solely on general-purpose skincare ranges.
With its valuation rising threefold from the previous round and a combination of fresh capital and secondary transactions in the latest deal, Asaya is entering its next phase of growth with a focus on expanding distribution and strengthening its presence across India’s key consumer markets.
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