D2C skincare brand Asaya has raised Rs 88 crore in a new funding round led by RPSG Capital. OTP Ventures, Huddle Ventures, Hyperscale Ventures, and 72 Ventures also participated in the round. The investment values Asaya at a post-money valuation of Rs 400 crore.
The latest round includes both primary and secondary capital. Some early angel investors have partially exited through the transaction. Asaya plans to use the fresh funds to strengthen research and development (R&D), expand its product range, grow distribution, and hire talent.
Around 20% of the new capital will go towards R&D. The company will use the remaining funds to support its expansion across products and distribution channels.
Asaya to Strengthen R&D and Product Portfolio
Founded in 2021, Asaya was started by Neeraj Biyani, Eeti Sharma, and Mandeep Singh Bhatia. The company focuses on skincare products designed for concerns such as pigmentation, acne, and dehydration.
Its portfolio includes dark-spot correcting serums, even-tone creams, body sprays, cleansers, and sunscreens. The brand sells products through its direct-to-consumer channels. It also uses quick-commerce platforms and selected offline retail outlets to reach customers.
Asaya has developed a proprietary molecule called MelaMe. The company uses the technology in products targeting pigmentation and uneven skin tone. Its latest funding will help Asaya expand its research pipeline and introduce more products.
The company also aims to strengthen its presence across India’s growing skincare market. Rising demand for ingredient-focused and science-backed products has created new opportunities for digital-first beauty brands.
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RPSG Capital Doubles Down on Asaya
The latest investment strengthens RPSG Capital’s relationship with Asaya. The investor previously led the company’s Rs 28 crore pre-Series A round in September 2025.
OTP Ventures and Huddle Ventures also participated in that earlier round. Angel investors Suyash Saraf and Anisha Agarwal Saraf joined the funding at the time.
RPSG Capital has invested in several consumer-focused businesses. Its portfolio includes Asaya and other emerging consumer brands. The firm focuses on backing businesses with strong growth potential in India’s consumer market.
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Skincare Startups Continue to Attract Investors
Asaya’s latest fundraising comes amid growing investor interest in India’s D2C skincare market. Several beauty and skincare startups have raised fresh capital in recent months.
RAS Luxury Skincare raised Rs 60 crore from Dabur in March. Chosen secured $5 million in Series A funding led by Fireside Ventures in May. KorinMi also raised Rs 10 crore from Lotus Herbals’ innovation fund in June.
This funding activity shows the continued interest in India’s beauty and personal care segment. Investors are increasingly looking for brands with differentiated products, digital distribution, and repeat customer demand.
For Asaya, the Rs 88 crore funding round provides capital for its next phase of growth. The company now plans to invest further in product innovation, R&D, and distribution.
With a Rs 400 crore valuation, Asaya will look to strengthen its position in India’s competitive D2C skincare market.
