Asaya, a premium skincare brand focusing on melanin-specific needs, has raised Rs 12 crore ($1.5 million) in a Seed funding round led by OTP Ventures and Huddle Ventures, with participation from Eternal Capital.
The funding will primarily support Asaya’s research into melanin-centric skincare solutions and the development of new products tailored to these needs. Additionally, it will bolster the brand‘s market expansion efforts.
Founded in September 2023 by Neeraj Biyani, Mandeep Bhatia, and Eeti Sharma, Asaya has quickly scaled its operations, retailing through its website and prominent online platforms such as Nykaa, Amazon, Flipkart, and Myntra. The brand currently offers a range of 11 products across 23 SKUs.
Neeraj Biyani, co-founder of Asaya, expressed confidence that the funding will propel the brand’s customer base from 20,000 to over 250,000 within the next 12 months.
Suhail Sameer, managing partner at OTP Ventures and former CEO of BharatPe, highlighted the firm’s strategic investment approach. OTP Ventures is also reportedly nearing the closure of its debut fund at Rs 400 crore by June, underscoring its active participation in the startup ecosystem.
This funding round underscores Asaya’s commitment to catering to the specific skincare needs of diverse consumer demographics, particularly those underserved in the skincare market.
