D2C skincare brand Asaya has raised Rs 88 crore in a new funding round led by RPSG Capital, with participation from OTP Ventures, Huddle Ventures, Hyperscale Ventures and 72 Ventures. The round values the Bengaluru-based company at Rs 400 crore.
The latest funding includes both primary and secondary capital. As part of the secondary component, some early angel investors have sold a portion of their holdings in the company.
New Capital to Support Asaya’s Next Phase
Asaya plans to use the fresh capital to strengthen research and development, expand its product portfolio, increase distribution and grow its team. The company is also looking to deepen its presence across quick-commerce platforms and explore opportunities in offline retail.
The latest round follows Asaya’s Rs 28 crore pre-Series A funding round announced in September last year. That round was led by RPSG Capital and included existing investors OTP Ventures and Huddle Ventures, along with angel investors Suyash Saraf and Anisha Agarwal Saraf.
The new funding represents a significant increase in Asaya’s valuation compared with its previous round. The company has continued to focus on building skincare products around specific concerns, particularly hyperpigmentation.
Skincare Products Focused on Indian Skin Concerns
Founded in 2021 by Neeraj Biyani, Eeti Sharma and Mandeep Singh Bhatia, Asaya develops skincare products aimed at concerns including hyperpigmentation, dehydration and acne.
Its product range includes cleansers, serums, spot treatments, moisturisers and sunscreens. The brand has also developed products intended to address pigmentation in areas such as the knees, arms, thighs and underarms.
A key part of Asaya’s product development strategy is MelaMe, its proprietary, patent-pending complex. The company has positioned the complex around pigmentation and uneven skin tone, with a particular focus on melanin-rich skin.
Expanding Across Digital and Offline Channels
Asaya follows a direct-to-consumer model while also selling through e-commerce and quick-commerce platforms. Its products are available across several digital marketplaces, while the company is also exploring further offline retail partnerships.
The startup has said it plans to increase its distribution reach as it expands its product portfolio. The company’s website currently serves customers across more than 18,000 pin codes, with more than 2,000 pin codes eligible for delivery within 24 hours, according to the company.
Asaya has also expanded beyond India, with its products available in the US and UAE through Amazon.
Investor Interest in D2C Skincare Continues
Asaya’s latest fundraise comes as investors continue to back Indian skincare and personal-care brands. The sector has attracted funding from investors looking for companies built around specialised products, research-led formulations and premium consumer offerings.
Other recent funding activity has included RAS Luxury Skincare, which secured Rs 60 crore from Dabur in March 2026. Chosen raised $5 million in a Series A round led by Fireside Ventures in May, while KorinMi raised Rs 10 crore from Lotus Herbals’ innovation fund in June. Functional skincare startup Clarity Labs has also raised more than Rs 4 crore in seed funding.
Earlier funding activity in the broader skincare and personal-care segment has included brands such as Innovist, the company behind Chemist at Play, and Pilgrim.
With the latest Rs 88 crore investment, Asaya is now positioned to invest further in product development, distribution and team expansion as it works to build its presence in India’s growing skincare market.
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