Skincare brand Asaya has raised $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 directed towards melanin-centric research and developing more products that cater to melanin-specific needs. Part of the funding will also be utilised to enhance market reach, aiming to increase market knowledge on different melanin skin requirements and product availability across various marketplaces and pin codes.
Launched in September 2023 by Neeraj Biyani, Mandeep Bhatia, and Eeti Sharma, Asaya currently has more than 11 products and 23 SKUs. It is dermatologically tested to be safe, effective, and cruelty-free; free of phthalates, sulfates, PABA, and animal-derived ingredients - Asaya’s formulations are certified by Made Safe Australia and Toxic Free Australia. According to the company, it has rapidly expanded its sales and customer base, retailing through its website and online retail platforms like Nykaa, Amazon, Flipkart, and Myntra.
Neeraj Biyani, Co-founder of Asaya, said, “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. 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. 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.
Sanil Sachar, Founding Partner of Huddle Ventures, shared, “Consumers today are extremely aware of what works for them and increasingly vocal about their preferences. The truth is that there are not enough products developed with the specific skin care needs of the melanin-rich population in mind. Asaya is bridging the gap in the skincare space in India with robust products, and conversations that will move the needle.”
(Inputs from bl intern Vidushi Nautiyal)