Skincare Brand Asaya Raises $1.5 Million to Expand Melanin-Centric Product Line

• ByStartupStory     |    June 21, 2024

Emerging skincare brand Asaya has successfully raised $1.5 million in a seed funding round led by OTP Ventures and Huddle Ventures, with additional contributions from Eternal Capital. The funds are earmarked for melanin-centric research and the development of products tailored to the specific needs of melanin-rich skin.

Launched in September 2023 by Neeraj Biyani, Mandeep Bhatia, and Eeti Sharma, Asaya has quickly made a mark in the skincare industry with its commitment to safe, effective, and cruelty-free products. The brand currently offers over 11 products and 23 SKUs, all of which are free from phthalates, sulfates, PABA, and animal-derived ingredients. Asaya’s formulations are certified by Made Safe Australia and Toxic Free Australia, ensuring the highest standards of product safety and efficacy.

“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. We plan to significantly enhance our communication efforts and service capabilities to provide faster and more informed service to our rapidly growing customer base,” said Neeraj Biyani, Co-founder of Asaya.

The newly secured funds will be utilized to enhance market reach and increase awareness about the unique skincare needs of melanin-rich skin. This includes expanding product availability across various marketplaces and regions. Asaya retails through its website and major online platforms like Nykaa, Amazon, Flipkart, and Myntra.

Sanil Sachar, Founding Partner of Huddle Ventures, emphasized the brand’s potential, stating, “Consumers today are extremely aware of what works for them and increasingly vocal about their preferences. The truth is that there are not enough products developed with the specific skincare needs of the melanin-rich population in mind. Asaya is bridging the gap in the skincare space in India with robust products, and conversations that will move the needle.”

Asaya’s rapid growth is supported by ongoing research and development, which has been a core focus for the past 2.5 years. This seed funding is part of Asaya’s broader strategy to attract further investment to support continuous R&D and product innovation.

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