Bengaluru-based D2C skincare brand Asaya has raised Rs 88 crore ($9.2 million) in a funding round led by RPSG Capital, with participation from OTP Ventures, Huddle Ventures, Hyperscale Ventures and 72 Ventures. The round values the company at a post-money valuation of Rs 400 crore.
The funding includes both primary and secondary capital, with some of Asaya’s early angel investors selling part of their holdings.
The fresh capital will help Asaya strengthen its research and development efforts, expand its product portfolio, widen distribution and grow its team, the company said.
This is Asaya’s second institutional fundraise in less than a year. In September 2025, the startup raised Rs 28 crore in a pre-Series A round led by RPSG Capital, with participation from OTP Ventures, Huddle Ventures and angel investors Suyash Saraf and Anisha Agarwal Saraf.
Founded in 2021 by Neeraj Biyani, Eeti Sharma and Mandeep Singh Bhatia, Asaya has built its skincare portfolio around concerns such as hyperpigmentation, dehydration and acne.
Its range includes dark spot-correcting serums, even-tone creams, body sprays, cleansers and sunscreens. The brand sells through its own online channels, quick-commerce platforms and select offline retail outlets.
A key part of Asaya’s product development is MelaMe, a proprietary molecule developed by the company to address pigmentation and uneven skin tone, particularly for Indian skin types.
The latest fundraise comes as investor interest in India’s D2C skincare market continues to build, particularly around brands combining science-led formulations with premium positioning.
Recent funding activity in the segment includes RAS Luxury Skincare’s Rs 60 crore investment from Dabur, Chosen’s $5 million Series A led by Fireside Ventures and KorinMi’s Rs 10 crore funding from Lotus Herbals’ innovation fund.
Other skincare and personal-care brands, including Innovist, which owns Chemist at Play, and Pilgrim, have also attracted investor interest as India’s beauty and personal-care ecosystem expands.
With the new capital, Asaya is looking to deepen its product and distribution capabilities while building on its position in India’s increasingly competitive skincare market.
-By Muskan Dengra
