Premium skincare brand Asaya has successfully raised Rs 12 crore ($1.5 million) in a Seed funding round, spearheaded by OTP Ventures and Huddle Ventures, with additional contributions from Eternal Capital.
The fresh capital will be directed towards advancing melanin-centric research and the development of new products tailored to melanin-specific needs, according to the company’s press release. Additionally, a portion of the funding will be used to broaden Asaya’s market reach.
Founded in September 2023 by Neeraj Biyani (former Co-founder of Paper Boat), Mandeep Bhatia, and Eeti Sharma, Asaya has quickly scaled its operations, expanding its customer base and sales channels. The brand’s products are available on its website as well as on major online retail platforms such as Nykaa, Amazon, Flipkart, and Myntra.
Asaya currently boasts a lineup of over 11 products and 23 SKUs. With this new funding, co-founder Neeraj Biyani aims to increase their consumer base from 20,000 to over 250,000 within the next year.
Suhail Sameer, the former CEO of BharatPe, is now serving as the managing partner at OTP Ventures. According to media reports, OTP Ventures is on track to close its debut fund at Rs 400 crore by June. The firm has recently led a $1 million funding round in CirclePe, highlighting its active role in the venture capital space.
