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Asaya Co-founders - (Left to Right) Mandeep Bhatia, Neeraj Biyani, and Eeti Sharma
Asaya, a high-performance, premium skincare brand creating products for melanin-rich skin, has raised Rs 12 crore (approximately $1.5 million) in a seed funding round.
The funding round was led by OTP Ventures, founded by former BharatPe CEO Suhail Sameer, and Huddle Ventures, with participation from Eternal Capital.
Purpose of fundraising
The startup will use the raised capital for melanin-centric research and to develop more products that cater to melanin-specific needs.
Part of the funding will also be used to enhance market reach, aiming to increase both market knowledge of different melanin skin requirements and product availability across various marketplaces and pin codes, the release notes.
Who are the founders?
Launched in September 2023 by Neeraj Biyani (former Co-founder of Paper Boat), Mandeep Bhatia, and Eeti Sharma, Asaya said it has rapidly expanded its sales and customer base, retailing through its website and online retail platforms like Nykaa, Amazon, Flipkart, Myntra, etc.
The startup claims to currently have more than 11 products and 23 SKUs. In just over ten months, it has built a loyal base of customers who now recognize that Indian (melanin-rich) skin requires targeted products because of its structural difference from the lighter skin tones of the West.
"Our products have received an overwhelmingly positive response, indicating strong product-market fit for many items in our lineup. This funding will help us go from 20,000 to over 250,000 consumers in the next 12 months," said Neeraj Biyani, Co-founder of Asaya.
"We plan to significantly enhance our communication efforts and service capabilities to provide faster and more informed service to our rapidly growing customer base," Biyani added.
Aiming to raise more funds
This funding round is part of Asaya’s larger strategy to secure more investments as the company grows. Unlike others, Asaya said it is focused on research and effective science- and nature-derived formulations for Indian consumers.
This funding will build on research conducted over the past 2.5 years, with future rounds planned to support ongoing R&D and product development, it added.