D2C Skincare Brand Asaya Bags INR 28 Cr For New Product Launches

D2C skincare brand Asaya has raised INR 28 Cr (about $3 Mn) in its pre-Series A round led by RPSG Capital. The round also saw participation from existing investors OTP Ventures and Huddle Ventures, and angel investors and Dot & Key cofounders Suyash Saraf and Anisha Agarwal Saraf. 

In a statement, the startup said it will use the capital to set up an innovation centre to boost product development. It plans to launch six new products in the next one year.

Founded in 2021 by Neeraj Biyani, Mandeep Singh Bhatia, and Eeti Sharma, Asaya offers skincare products to address hyperpigmentation, dehydration, acne and more. The startup claims to have patented formulations focussed on Indian skin types. 

Its product portfolio includes moisturisers, creams, serums, among others. Asaya sells its products via its own website and ecommerce platforms like Amazon, Flipkart and Myntra. It also plans to list its products on quick commerce platforms soon. 

Asaya claimed to have grown 400% YoY “by addressing hyperpigmentation” – a problem affecting millions of Indians.

Prior to this fundraise, Asaya raised $1.5 Mn in its seed round from OTP Ventures, Huddle Ventures and Eternal Capital. 

Asaya competes with the likes of Mamaearth, mCaffeine, and WOW Skin Science, among others, in India’s growing D2C personal care and beauty space, which is poised to reach the $28 Bn mark by 2030. 

As a result, investors are actively backing D2C brands looking to disrupt the segment. Meanwhile, FMCG giants are also investing and acquiring D2C brands to tap the GenZ customer base of these new-age brands.

Earlier this year, D2C skincare brand Minimalist was acquired by Hindustan Unilever in a cash consideration deal of INR 2,670 Cr. Other such notable deals include Emami’s acquisition of The Man Company and Marico buying out Just Herbs.