The science-led skincare brand will use the new funding to expand its products, research, distribution and team.
Bengaluru-based skincare brand Asaya has raised Rs 88 crore in a Series A funding round at a valuation of Rs 400 crore, as the science-led brand looks to expand its product portfolio, research capabilities and distribution.
The company said it is currently operating at a Rs 100 crore ARR run rate.
The round included participation from RPSG Capital, OTP Ventures, Huddle Ventures, Hyperscale Ventures and 72 Ventures.
Asaya plans to increase R&D spending.
Asaya said it will direct nearly one-fifth of the new funding towards research and development, with the remaining capital going towards product expansion and geographic and channel growth.
The company is targeting Rs 200 crore in ARR within the next 18 months.
“We’ll be directing almost a fifth of the funding towards R&D, with the rest split across product-line expansion and geographic and channel growth,” said co-founder Neeraj Biyani.
Asaya was founded by Neeraj Biyani, Eeti Sharma and Mandeep Bhatia.
Built for melanin-rich skin
Asaya positions itself as a science-first skincare brand focused on the needs of melanin-rich skin, particularly concerns such as hyperpigmentation.
Its portfolio currently covers the full hyperpigmentation routine, including cleansers, serums, spot treatments, moisturisers and sunscreens.
The company’s proprietary, patent-pending complex MelaMe is designed to target hyperpigmentation. Asaya says the ingredient has been clinically proven to reduce hyperpigmentation within 14 days.
RPSG Capital managing partner Abhishek Goenka said the skincare industry had historically addressed the needs of melanin-rich consumers more through marketing than scientific innovation.
“MelaMe™ is Asaya’s scientific answer to that,” he said.
Asaya expands beyond its website
The funding will also support Asaya’s expansion into new distribution channels.
The brand is moving into quick commerce and exploring partnerships with offline retailers.
Through its website, Asaya has expanded its delivery reach to more than 18,000 PIN codes, with more than 2,000 PIN codes currently receiving deliveries within 24 hours.
The company is also planning to nearly double its team in the coming months as it scales its operations.
From Rs 100 crore to Rs 200 crore ARR
Asaya’s latest fundraise marks a shift from building its core product portfolio to scaling the business around it.
With Rs 100 crore in ARR already, the company is now betting on three areas for its next phase of growth: more science and R&D, a wider product range and broader distribution.
The target is clear. Asaya wants to reach Rs 200 crore in ARR within 18 months, while continuing to build its position as a science-led skincare brand for melanin-rich consumers.
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Photo : (L to R) Asaya Co-founders, Mandeep Bhatia, Neeraj Biyani, Eeti Sharma
Source: ISN
