Asaya, a hyperpigmentation skincare company with research backing, has raised Rs 28 crore, or about $3 million, in a pre-Series A round led by RPSG Capital.
Dot & Key co-founders Suyash and Anisha Agarwal Saraf are among the additional investors, in addition to current backers OTP Ventures and Huddle Ventures.
The money raised will be utilized to expedite product development, increase distribution, and establish a cutting-edge innovation center.
Asaya, which was founded by Neeraj Biyani, Anupam Sinha, and Ritu Malhotra, offers face masks, serums, and creams as well as treatments for hyperpigmentation, uneven skin tone, and other related issues.
The company uses a direct-to-consumer (D2C) business model, selling through a combination of its own online channels, quick-commerce platforms, and a few physical stores. By using this strategy, it can keep pricing under control, preserve transparency, and provide customers with research-based solutions.
Due to its exclusive patented molecule MelaMeTM, which produces clinically proven results in 14 days and routinely outperforms international beauty brands in tests on Indian skin types, Asaya claims to have grown 400% year over year.
In the upcoming year, Asaya intends to introduce six new products, one of which will be a line of patented molecules that, after 1.5 years of research, will address a significant skin concern in India.
In addition to domestic digital-first brands like Mamaearth, Minimalist, and Dot & Key, Asaya faces competition from global behemoths like L’Oréal, P&G, and Unilever.
