Skincare Brand Asaya Secures $1.5 Mn In Seed Funding
Founded in September 2023 by Neeraj Biyani (former Co-founder of Paper Boat), Mandeep Bhatia, and Eeti Sharma, Asaya has quickly grown its sales and customer base
Asaya, a skincare brand focused on melanin-rich skin, has secured Rs 12 crore ($1.5 million) in seed funding led by OTP Ventures and Huddle Ventures, with additional investments from Eternal Capital.
The funds will be used to advance melanin-centric research, develop new products, and enhance market reach. This will increase awareness of melanin-specific skincare needs and improve product availability across various marketplaces.
Founded in September 2023 by Neeraj Biyani (former Co-founder of Paper Boat), Mandeep Bhatia, and Eeti Sharma, Asaya has quickly grown its sales and customer base. Retailing through its website and platforms like Nykaa, Amazon, Flipkart, and Myntra, Asaya offers over 11 products and 23 SKUs.
"Our products have received an overwhelmingly positive response, indicating strong product-market fit. This funding will help us grow from 20,000 to over 250,000 consumers in the next 12 months," said Neeraj Biyani, Co-founder of Asaya. "We plan to enhance our communication efforts and service capabilities to better serve our growing customer base."
Sanil Sachar, Founding Partner of Huddle Ventures, stated, “Consumers today are vocal about their preferences, and there are not enough products for melanin-rich skin. Asaya is bridging this gap with robust products and meaningful conversations. The experienced team behind Asaya’s mission to create inclusive skincare for Indian skin tones is what drove us to back them.”
Eeti Sharma, Co-Founder of Asaya, added, “Skincare has historically been developed for lighter skin tones in western markets. The industry falls short in addressing the concerns of darker skin tones. In India, 98% of us have melanin-rich skin, and our needs are different.”
Suhail Sameer of OTP Ventures noted, “In a beauty industry dominated by celebrity-backed brands, Asaya continues to invest in creating products tailored for Indian consumers. The brand listens to consumer concerns and develops melanin-first solutions, especially for issues like acne, hyperpigmentation, and dry skin.”
