Asaya raises ₹88 crore for expansion, including offline retail entry

Indian direct-to-consumer (D2C) skincare brand Asaya has raised ₹88 crore (approximately $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 plans to allocate about 20% of the new capital to research and development.

The funding will support Asaya's strategy to expand its product portfolio, grow its geographical presence, and broaden its distribution channels. The startup also intends to double its team size in the coming months to accommodate this expansion. Asaya previously raised $3 million in a pre-Series A round in September.

Founded in 2021, Asaya specializes in skincare products formulated for melanin-rich skin, with a particular focus on addressing hyperpigmentation. The brand is looking to deepen its presence across quick commerce platforms and is exploring opportunities for offline retail partnerships. Asaya's products are currently available through various e-commerce and quick commerce platforms in India, as well as internationally via Amazon in the US and UAE.

Asaya reported a 16-fold increase in revenue since its last funding round and is currently operating at an annualized revenue run rate of ₹100 crore. The company aims to reach ₹200 crore in annualized revenue within 18 months. This funding round highlights continued investor interest in India's beauty and personal care market, particularly for brands with problem-specific and ingredient-led offerings.