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Asaya Secures Rs 12 Crore Seed Funding to Accelerate Growth in Melanin-Rich Skincare

Asaya
Preeti Bali / 7:13 am / June 21, 2024

Asaya, an exceptional skincare brand zeroed in on items intended for melanin-rich skin, has reported getting Rs 12 crore (roughly $1.5 million) in a seed subsidizing round. Driven by OTP Adventures and Group Adventures, the round likewise saw cooperation from Timeless Capital.

This influx of capital will be strategically directed towards bolstering Asaya’s research and development efforts specifically focused on melanin-rich skin. The company plans to leverage the funds to develop a wider range of products that cater to the unique needs of this demographic. Additionally, a portion of the funding will be dedicated to expanding Asaya’s market reach.

Building on Early Success

Launched in September 2023 by Neeraj Biyani (formerly co-founder of Paper Boat), Mandeep Bhatia, and Eeti Sharma, Asaya has experienced rapid growth in a short period. The brand boasts a flourishing online presence, retailing its products through its own website and major online marketplaces like Nykaa, Amazon, Flipkart, and Myntra. Asaya currently offers a range of over 11 products with 23 individual stock-keeping units (SKUs).

Reaching New Heights

Biyani communicated idealism about the financing’s effect, expressing, “This subsidizing will move us forward, empowering us to extend our client base from 20,000 to north of 250,000 customers inside the following year.”

Venturing into Venture Capital

The round’s lead financial backer, OTP Adventures, is a funding firm directed by Suhail Sameer, the previous Chief of BharatPe. As indicated by media reports, OTP Adventures is planning to close its debut store at Rs 400 crore by June. The firm as of late driven a $1 million subsidizing round for CirclePe.

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