Asaya a skincare startup focusing on melanin-rich skin, has raised $1.5 million in a seed funding round co-led by OTP Ventures and Huddle Ventures, with additional investment from Eternal Capital. The funds will be used for research, product development, and market expansion, aiming to grow from 20,000 to over 250,000 consumers in 12 months.
Nykaa's prestige beauty segment has grown at a CAGR of mid-to-late 20% over three years, and Asaya is positioned to capture a share of the growing premium skincare market in India. Skincare startup Asaya has raised $1.5 Mn in a seed funding round co led by OTP Ventures and Huddle Ventures, with participation from Eternal Capital.
Founded by Neeraj Biyani, Mandeep Bhatia and Eeti Sharma in 2023, Asaya focuses on products for melanin-rich skin and will use the newly raised funds towards melanin-centric research, product development and expanding market reach. The startup also aims to increase awareness about the unique skincare needs of Indian skin tone. “Our products have received an overwhelmingly positive response, indicating strong product-market fit for many items in our lineup.
This funding will help us go from 20,000 to over 250,000 consumers in the next 12 months,” Biyani said. He also added that the company plans to improve their marketing and customer service to provide faster and more informed service to our rapidly growing customer base. Asaya currently offers more than 11 products and 23 SKUs, retailing through its website .
