Asaya, a skincare brand focused on melanin-rich skin, has successfully secured Rs 12 crore ($1.5 million) in seed funding. The investment round was led by OTP Ventures and Huddle Ventures, with additional participation from Eternal Capital.
The funding infusion aims to accelerate melanin-centric research initiatives, innovate new product developments, and expand market reach. Asaya plans to enhance awareness about the specific skincare needs of melanin-rich individuals and improve product availability across various market channels.
Founded in September 2023 by Neeraj Biyani (former Co-founder of Paper Boat), Mandeep Bhatia, and Eeti Sharma, Asaya has rapidly gained traction, bolstering its sales and customer base. The brand currently retails through its website and prominent platforms such as Nykaa, Amazon, Flipkart, and Myntra, offering a diverse range of over 11 products and 23 SKUs.
Neeraj Biyani, Co-founder of Asaya, expressed optimism about the brand’s growth trajectory, stating, “Our products have resonated strongly with consumers, underscoring a robust product-market fit. This funding will fuel our expansion plans, aiming to increase our consumer base from 20,000 to over 250,000 within the next 12 months. We intend to bolster our communication strategies and service capabilities to better cater to our growing customer demand.”
Sanil Sachar, Founding Partner of Huddle Ventures, highlighted the significance of addressing consumer preferences, noting, “Asaya fills a crucial gap in the market by offering tailored skincare solutions for melanin-rich skin tones. The team’s commitment to inclusivity and quality products drove our decision to support them.”
Eeti Sharma, Co-Founder of Asaya, emphasized the disparity in skincare offerings, particularly for darker skin tones, stating, “Historically, skincare solutions have been geared towards lighter skin tones, neglecting the needs of the majority with melanin-rich skin in India. Asaya aims to bridge this gap by focusing on products that cater specifically to our unique requirements.”
Suhail Sameer from OTP Ventures praised Asaya’s approach in an industry dominated by celebrity-backed brands, saying, “Asaya stands out by prioritizing the development of skincare solutions tailored for Indian consumers. Their melanin-first approach addresses prevalent issues such as acne, hyperpigmentation, and dry skin, reflecting a deep understanding of consumer needs.”
The seed funding underscores Asaya’s commitment to furthering research and expanding its product portfolio, reinforcing its position in the burgeoning skincare market tailored to diverse Indian skin tones.
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