Asaya, a skincare startup dedicated to the unique needs of melanin-rich skin, has successfully raised ₹12 Crores (US$ 1.5 million) in seed funding. The funding round was spearheaded by OTP Ventures and Huddle Ventures, with additional support from Eternal Capital. The fresh capital will bolster Asaya’s melanin-focused research and product development. A significant portion of the investment will be allocated to expanding market reach, enhancing awareness of melanin-specific skincare needs, and increasing product availability across various marketplaces and regions.
Founded in September 2023 by Neeraj Biyani, Mandeep Bhatia, and Eeti Sharma, Asaya has quickly established itself in the skincare market. It offers over 11 products across 23 SKUs through its website and major online platforms, including Nykaa, Amazon, Flipkart, and Myntra. The brand has already garnered a loyal customer base, emphasizing the distinct skincare requirements of Indian melanin-rich skin compared to Western skin tones.
Neeraj Biyani, Co-founder of Asaya, stated, “Our products have received an overwhelmingly positive response, showcasing a strong product-market fit. This funding will enable us to expand our customer base from 20,000 to over 250,000 in the next 12 months. We aim to enhance our communication efforts and service capabilities to better serve our growing clientele.”
This investment round is part of Asaya’s broader strategy to secure additional funding for its growth. The brand distinguishes itself in the skincare sector with its commitment to research and the development of science-based, nature-derived formulations tailored for Indian consumers. This funding will support ongoing R&D and product development, building on 2.5 years of research.
Sanil Sachar, Founding Partner of Huddle Ventures, commented, “Consumers today are highly discerning and vocal about their skincare preferences. There is a significant gap in the market for products specifically developed for the melanin-rich population. Asaya is bridging this gap with effective products and engaging discussions. Their data-driven and consumer-first approach has already earned them significant acclaim.”
Eeti Sharma, Co-Founder of Asaya, added, “Historically, skincare research has predominantly focused on lighter skin tones. This oversight has left a void in addressing the skincare needs of darker skin tones. In India, where 98% of the population has melanin-rich skin, we are committed to developing products that cater specifically to our diverse skin tones.”
Suhail Sameer of OTP Ventures remarked, “While the beauty industry is flooded with celebrity-backed brands, Asaya is dedicated to researching and creating products tailored to the unique needs of Indian consumers. With the most searched skincare concerns in India being acne, hyperpigmentation, and dry skin, Asaya continues to innovate and provide melanin-first solutions.”
Asaya’s journey underscores its mission to redefine skincare standards in India, ensuring that the needs of melanin-rich skin are met with precision and care.
