Asaya Raises Rs 88 Crore From RPSG Capital, OTP Ventures and Others

Direct-to-consumer skincare brand Asaya has raised Rs 88 crore, or $9.2 million, from RPSG Capital, OTP Ventures, Huddle Ventures, Hyperscale Ventures and 72 Ventures. The round values the Bengaluru-based startup at a post-money valuation of Rs 400 crore. It included both primary and secondary capital, with some early angel investors selling their stakes.

Asaya said the proceeds will go toward research and development, product expansion, distribution and hiring. The company had earlier raised Rs 28 crore in a pre-Series A round led by RPSG Capital, with participation from OTP Ventures, Huddle Ventures and angel investors Suyash Saraf and Anisha Agarwal Saraf. The latest raise extends investor backing for the brand as it builds around targeted skincare needs.

Founded in 2021 by Neeraj Biyani, Eeti Sharma and Mandeep Singh Bhatia, Asaya offers skincare products targeting hyperpigmentation, dehydration and acne. Its portfolio includes dark spot correcting serums, even tone creams, body sprays, cleansers and sunscreens. The brand sells through its own online channels, quick-commerce platforms and select offline retail outlets.

Asaya has developed a proprietary molecule called MelaMe, which it says is designed to address pigmentation and uneven skin tone, particularly for Indian skin types. The broader Indian D2C skincare segment has been drawing investor interest, especially around science-backed, ingredient-led and premium skincare products. Recent activity cited in the report includes funding for RAS Luxury Skincare, Chosen, KorinMi and Clarity Labs, along with earlier funding involving brands such as Innovist and Pilgrim.