OTP Ventures, Huddle Ventures, and Eternal Capital led a seed funding round for the luxury skincare brand Asaya, which raised Rs 12 crore ($1.5 million).
According to a press release from the company, the money will be used for melanin-centric research and the creation of additional products that address the needs of people with melanin. A portion of the funds will also be used to expand the market.
Since its September 2023 launch, Asaya—which sells products online through its website as well as platforms like Nykaa, Amazon, Flipkart, and Myntra—has quickly grown its clientele and revenue. Neeraj Biyani, a former co-founder of Paper Boat, Mandeep Bhatia, and Eeti Sharma launched the company.
It currently states that it has 23 SKUs and more than 11 products.
Biyani claims that with the support of this funding, we will increase our customer base from 20,000 to over 250,000 in the upcoming year.
Former BharatPe CEO Suhail Sameer is a managing partner at venture capital firm OTP Venture. A media report states that OTP Ventures hopes to close its first fund by June at a value of Rs 400 crore. The company recently led CirclePe’s $1 million funding round.
