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Skincare brand Asaya secures $1.5 million in seed funding

Asaya, a premium skincare brand focused on products for melanin-rich skin, has raised 12 Crores (US$ 1.5 million) in seed funding. This funding round was led by OTP Ventures and Huddle Ventures, with additional investments from Eternal Capital.

The funds will be used to advance melanin-centric research and develop products tailored to melanin-specific needs. Additionally, the funding will support efforts to expand market reach and improve product availability across various marketplaces.

Launched in September 2023 by Neeraj Biyani (former Co-founder of Paper Boat), Mandeep Bhatia, and Eeti Sharma, Asaya has quickly expanded its sales and customer base. The brand sells through its website and online retail platforms such as Nykaa, Amazon, Flipkart, and Myntra, offering over 11 products and 23 SKUs.

“Our products have received an overwhelmingly positive response, indicating strong product-market fit for many items in our lineup. This funding will help us go from 20,000 to over 250,000 consumers in the next 12 months,” said Neeraj Biyani, Co-founder of Asaya. “We plan to significantly enhance our communication efforts and service capabilities to provide faster and more informed service to our rapidly growing customer base.”

Sanil Sachar, Founding Partner of Huddle Ventures, highlighted the gap in the market for products catering to the specific skincare needs of the melanin-rich population.

Eeti Sharma, Co-Founder of Asaya adds, “Historically, skincare has been researched and developed for the lighter skin tones of western markets. It is no surprise then that the skincare industry falls short in addressing the concerns of darker skin tones and meeting the needs of Indian consumers. We Indians are various shades of brown, and 98% of us have melanin-rich skin. And most of us don’t even know that our skin is indeed different!”

Asaya’s future plans include securing additional investments to support ongoing research and product development, aiming to provide effective skincare solutions for melanin-rich skin.

Asaya is a skincare brand focused on melanin-rich skin. The name Asaya signifies stepping out of the shadows into the light. It offers a range of melanin-first skincare products, dermatologically tested to be safe, effective, and cruelty-free, and free of phthalates, sulfates, PABA, and animal-derived ingredients. Asaya’s formulations are certified by Made Safe Australia and Toxic Free Australia.

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