The D2C beauty brand is doubling down on R&D, product expansion and distribution as investor interest in premium, ingredient-led skincare grows.
D2C skincare brand Asaya has raised ₹88 crore ($9.2 million) in a funding round led by RPSG Capital, OTP Ventures, Huddle Ventures, Hyperscale Ventures and 72 Ventures. The round values the Bengaluru-based startup at a post-money valuation of ₹400 crore and includes both primary and secondary capital, with some early angel investors selling their stakes.
Founded in 2021 by Neeraj Biyani, Eeti Sharma and Mandeep Singh Bhatia, Asaya develops skincare products focused on concerns including hyperpigmentation, dehydration and acne. Its portfolio includes dark spot-correcting serums, even-tone creams, body sprays, cleansers and sunscreens.
The fresh capital will be used to strengthen research and development, expand the product portfolio, widen distribution and grow the team. This marks another step in Asaya’s effort to build a science-led skincare brand for Indian consumers.
A key part of its product strategy is MelaMe, a proprietary molecule that Asaya says is designed to address pigmentation and uneven skin tone, particularly for Indian skin types. Its focus on active, targeted formulations places the brand within the growing segment of science-backed and ingredient-led D2C skincare.
Asaya follows an omnichannel D2C model, selling through its own online channels, quick-commerce platforms and select offline retail outlets. This combination gives the brand multiple routes to reach consumers while expanding beyond traditional direct online sales.
The latest fundraise follows Asaya’s ₹28 crore pre-Series A round in September 2025, led by RPSG Capital, with participation from OTP Ventures, Huddle Ventures and angel investors Suyash Saraf and Anisha Agarwal Saraf.
The funding comes amid increasing investor interest in India’s D2C skincare market, particularly among brands built around science-backed, premium and ingredient-led products. Recent activity includes RAS Luxury Skincare’s ₹60 crore investment from Dabur, Chosen’s $5 million Series A led by Fireside Ventures, KorinMi’s ₹10 crore investment from Lotus Herbals’ innovation fund, and functional skincare startup Clarity Labs raising more than ₹4 crore in seed funding.
Earlier activity has also involved brands such as Innovist, which owns Chemist at Play, and Pilgrim.
With fresh capital, proprietary formulation capabilities and an expanding distribution strategy, Asaya is positioning itself for the next phase of growth in India’s increasingly competitive D2C skincare market.
Source: Based on publicly available reporting, with additional editorial adaptation and analysis.
