D2C skincare brand Asaya has raised Rs 88 crore in a Series A funding round, as the company looks to expand its product portfolio, strengthen distribution and enter more offline retail channels. 

The round was led by existing investors RPSG Capital, OTP Ventures, Huddle Ventures, Hyperscale Ventures and 72 Ventures, valuing Asaya at around Rs 400 crore, nearly three times its previous valuation.

Founded in 2021 by Neeraj Biyani, Eeti Sharma and Mandeep Bhatia, Asaya develops skincare products focused on melanin-rich skin, with hyperpigmentation among its key focus areas. 

Its portfolio includes cleansers, serums, spot treatments, moisturisers and sunscreens, along with products designed to address pigmentation on areas such as the knees, arms, thighs and underarms.

The company plans to allocate nearly 20% of the fresh capital towards research and development, while the remaining funds will be used for product expansion, entry into new geographies, distribution growth and team expansion. 

Asaya also plans to double its workforce in the coming months as it expands its product range and distribution network. Asaya has developed MelaMe, a proprietary, patent-pending complex that the company says is clinically proven to reduce hyperpigmentation in 14 days. 

The brand is positioning its products around ingredient-led and problem-specific skincare, a segment that has attracted increasing consumer and investor interest in India’s beauty and personal care market.

The startup has reported rapid growth since its previous funding round. Asaya said its revenue has increased 16 times since its last fundraise and that it is currently operating at an annualised revenue run rate of around Rs 100 crore. The company is targeting an annual recurring revenue of Rs 200 crore within the next 18 months.

The latest capital will also support Asaya’s shift towards an omnichannel distribution strategy. The company currently sells through platforms including Nykaa, Amazon, Flipkart, Myntra, Tira, Purplle, Blinkit, Zepto, Swiggy Instamart and BigBasket. It plans to deepen its presence on quick-commerce platforms while exploring partnerships with offline retailers.

Asaya’s website currently reaches more than 18,000 pin codes, with over 2,000 locations eligible for delivery within 24 hours. The brand has also expanded internationally, with its products available in the US and UAE through Amazon.

The fundraise comes amid growing investor interest in India’s beauty and personal care (BPC) market, particularly in science-led and problem-focused skincare brands. India’s BPC market was valued at around $31.19 billion in 2025 and is projected to reach $48.72 billion by 2034.

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