Asaya, a Bengaluru based skincare brand, has raised ₹88 crore (US$9.2 million) in a Series A round that values it at ₹400 crore (US$41.9 million). The round mixed fresh capital with a partial exit for some early angel investors.
RPSG Capital led the round, with OTP Ventures, Huddle Ventures, Hyperscale Ventures and 72 Ventures taking part. It is Asaya’s second institutional round in under a year. RPSG Capital also led its ₹28 crore pre Series A in 2025, after a US$1.5 million seed round in 2024 from OTP Ventures and Huddle Ventures.
The money will go into research and development, new products, distribution and hiring. Asaya makes products for melanin rich skin, targeting pigmentation, dehydration and acne. Its range covers serums, creams, cleansers, body sprays and sunscreens, built around its own ingredient, MelaMe.
The brand sells through its website and on Nykaa, Amazon, Flipkart and Myntra. Neeraj Biyani, Mandeep Bhatia and Eeti Sharma founded the company in 2021.
Market Research Outlook: Investors keep backing skincare brands that solve specific problems for Indian skin, and pigmentation is one of the biggest. Asaya’s quick follow on round shows targeted formulations can scale beyond online sales. The challenge now is building offline reach in a crowded skincare market without losing its clear positioning.
