Asaya, a direct-to-consumer skincare brand, has raised ₹88 crore ($9.2 million) from RPSG Capital, OTP Ventures, Huddle Ventures, Hyperscale Ventures and 72 Ventures at a post-money valuation of ₹400 crore, the company said on August 24. The round mixed primary capital with a secondary component that let some early angel investors exit part of their holdings; the split between the two was not disclosed.
The Bengaluru-based company had previously raised ₹28 crore in a pre-Series A round led by RPSG Capital in September 2025, at a reported valuation of about ₹138 crore. The step-up to ₹400 crore in under a year is close to three times that mark. Founded in 2021 by Neeraj Biyani, Eeti Sharma and Mandeep Singh Bhatia, Asaya sells serums, even-tone creams, cleansers, sunscreens and body sprays targeting hyperpigmentation, dehydration and acne, sold through its own website, quick-commerce platforms, marketplaces including Nykaa and Myntra, and a growing set of offline retail partnerships. Biyani, the chief executive, was earlier a co-founder of the beverage brand Paper Boat.
At the centre of Asaya’s pitch is MelaMe, a proprietary, patent-pending molecule the company says is formulated specifically to address pigmentation and uneven tone on Indian, melanin-rich skin — a segment the brand argues mainstream, Western-formulated skincare has long underserved.
“We’ll be directing almost a fifth of the funding towards R&D, with the rest split across product-line expansion and geographic and channel growth.” said Neeraj Biyani, Co-founder, Asaya
Asaya says its revenue has grown 16x since the September round and that it now operates at an annualised revenue run rate of ₹100 crore, with a target of ₹200 crore within 18 months. Around a fifth of the fresh capital will go towards research and development, with the rest split across product-line expansion, distribution and hiring. Co-founder Biyani struck a similarly confident note on where the company now stands financially.
