India, 20th June 2024 – Asaya – a high-performance, premium skincare brand creating products for melanin-rich skin, has raised 12 Crores (US$ 1.5 million) in seed funding. The funding round was led by OTP Ventures and Huddle Ventures, with additional investments from Eternal Capital.
The newly secured funds will be allocated to many critical areas. Significant investment will be directed towards melanin-centric research and developing more products that cater to melanin-specific needs. Part of the funding will also be utilized to enhance market reach, aiming to increase both: market knowledge on differed melanin skin requirements, and product availability across various marketplaces and pin codes.
Launched in September 2023 by Neeraj Biyani (former Co-founder of Paper Boat), Mandeep Bhatia, and Eeti Sharma, Asaya has rapidly expanded its sales and customer base, retailing through its website and online retail platforms like Nykaa, Amazon, Flipkart, Myntra, etc. It currently has more than 11 products and 23 SKUs. In just over 10 months, the brand 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.”
This funding round is part of Asaya’s larger strategy to secure more investments as the company grows. Asaya stands out in the competitive skincare market because of its focus 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.
