D2C Skincare Brand Asaya Raises Rs 88 Cr at Rs 400 Cr Valuation

D2C Skincare Brand Asaya Raises Rs 88 Cr at Rs 400 Cr Valuation

Bengaluru-based D2C skincare brand Asaya has raised Rs 88 crore ($9.2 million) in a funding round from RPSG Capital, OTP Ventures, Huddle Ventures, Hyperscale Ventures and 72 Ventures.

The round values Asaya at a post-money valuation of Rs 400 crore and includes both primary and secondary capital, with some early angel investors selling part of their stakes.

The latest funding builds on Asaya's previous Rs 28 crore pre-Series A round led by RPSG Capital in September 2025, with participation from OTP Ventures, Huddle Ventures and angel investors Suyash Saraf and Anisha Agarwal Saraf.

The fresh capital will be used for research and development, product expansion, distribution and hiring as Asaya looks to strengthen its position in India's growing skincare market.

Founded in 2021 by Neeraj Biyani, Eeti Sharma and Mandeep Singh Bhatia, Asaya develops skincare products focused on concerns including hyperpigmentation, dehydration and acne.

Its portfolio includes dark spot correcting serums, even tone creams, body sprays, cleansers and sunscreens. The brand follows a D2C model and sells through its own online channels, quick-commerce platforms and select offline retail outlets.

Asaya has also developed a proprietary molecule called MelaMe, which the company says is designed to address pigmentation and uneven skin tone, particularly for Indian skin types.

The latest fundraise comes amid increasing investor interest in India's D2C skincare segment, where brands are increasingly positioning themselves around science-backed formulations, specialised ingredients and premium products.

Other companies in the segment have also attracted capital. RAS Luxury Skincare secured Rs 60 crore from Dabur in March 2026, while Chosen raised $5 million in a Series A round led by Fireside Ventures in May. KorinMi raised Rs 10 crore from Lotus Herbals' innovation fund in June, while Clarity Labs secured more than Rs 4 crore in seed funding.

Earlier funding activity has also included skincare and personal-care brands such as Innovist, which owns Chemist at Play, and Pilgrim.

For Asaya, the latest capital provides room to expand its product portfolio, strengthen distribution and invest further in R&D while competing for a larger share of India's increasingly crowded D2C skincare market.