D2C skincare brand Asaya has raised ₹88 crore (about $9.1 million) in a Series A funding round led by existing investors RPSG Capital, OTP Ventures, Huddle Ventures, Hyperscale Ventures, and 72 Ventures, the company announced. The round valued Asaya at ₹400 crore (about $41.8 million), tripling its valuation from the previous funding round. Founded in 2021, Asaya focuses on skincare products for melanin-rich skin, particularly targeting hyperpigmentation.
The startup plans to allocate nearly 20% of the fresh capital towards research and development, with the remainder aimed at expanding its product portfolio and growing across geographies and distribution channels. Asaya also intends to double its team size in the coming months to support this expansion. The brand offers cleansers, serums, spot treatments, moisturizers, and sunscreens, including products for hyperpigmentation on knees, arms, thighs, and underarms. Its proprietary, patent-pending MelaMe complex is clinically proven to reduce hyperpigmentation in 14 days.
Asaya’s revenue has grown sixteenfold since its previous funding round, currently operating at an annualized revenue run rate of ₹100 crore. The company is among the few D2C skincare brands to develop a proprietary complex for hyperpigmentation in melanin-rich skin. The fresh funding will support Asaya’s plans to enter offline retail and expand its market presence, reflecting growing investor interest in niche skincare brands addressing underserved segments.
The Series A round follows Asaya’s earlier $3 million pre-Series A raise and underscores the brand’s rapid growth trajectory. The company confirmed the valuation and funding details in its official statement released this week.