Asaya, a skincare brand dedicated to creating products for melanin-rich skin, has successfully raised ₹12 crore in seed funding. This funding round was led by OTP Ventures and Huddle Ventures, with additional investments from Eternal Capital and Neeraj Biyani, the co-founder of Asaya. The newly acquired funds will be strategically invested in melanin-centric research to develop new products tailored to the specific needs of melanin-rich skin. Currently, Asaya offers 12 products and 31 SKUs and plans to introduce 12 additional products within the year. Co-founder Neeraj Biyani highlighted the brand’s commitment to enhancing market reach and increasing awareness of melanin-specific skin requirements.
“This funding round is part of Asaya’s larger strategy to secure more investments as the company grows,” Biyani said. He emphasized the goal to expand product availability across various marketplaces and pin codes, ensuring broader access to their specialized skincare solutions. Asaya has established a strong online presence, retailing through its website as well as major e-commerce platforms such as Nykaa, Amazon, Flipkart, and Myntra. Currently, 40% of the brand’s revenue comes from its website, with the remaining 60% generated from these marketplaces. The brand boasts a 30% repeat sales rate and an average order value ranging between ₹1,200 to ₹1,400. The customer acquisition cost (CAC) stands at ₹600 to ₹700.
Launched in September 2023 by Neeraj Biyani, Mandeep Bhatia, and Eeti Sharma, Asaya started with an initial investment of ₹5 crore. The brand plans to close its first year of operations with a revenue of ₹18 crore. In addition to their robust online presence, Asaya is looking to venture into offline retail within the next year and a half. Since its inception, Asaya has rapidly expanded its product line and customer base. Co-founder Biyani shared ambitious growth plans, aiming to increase their consumer base from 20,000 to over 250,000 within the next 12 months. Suhail Sameer, former CEO of BharatPe and managing partner at OTP Ventures, played a pivotal role in securing this funding. OTP Ventures is also in the process of closing its debut fund at ₹400 crore by June and recently led a $1 million round in CirclePe. Asaya’s focused approach to melanin-rich skincare and its strategic use of seed funding are poised to drive significant growth and innovation in the beauty industry.