Skincare startup Asaya raises Rs 88 crore in Series A led by RPSG Capital, valuing it at Rs 400 crore; targets Rs 200 crore ARR in 18 months

Asaya, a skincare startup founded in 2021, has raised Rs 88 crore in Series A funding, led by RPSG Capital, valuing the company at Rs 400 crore.^123456789

Neeraj Biyani, co-founder of Asaya, stated, "This Series A tells us we're on the right path: now variable contribution level profitable and targeting Rs 200 crore in ARR within 18 months."

The funding round also saw participation from OTP Ventures, Huddle Ventures, Hyperscale Ventures, and 72 Ventures.

Asaya is currently operating at a Rs 100 crore annual revenue run rate, with a remarkable 16x revenue growth since its last funding round.

The startup plans to allocate nearly a fifth of the funding towards research and development, while the remainder will focus on product-line expansion and geographic growth.

Suhail Sameer, an investor at OTP Ventures, noted that five of Asaya's top eight products now outperform the repeat-purchase rates of leading brands in their categories.

Asaya is also expanding its distribution into quick-commerce channels and exploring offline retail partnerships, with plans to nearly double its team to support this growth.

The company claims to reinvest up to 18% of its revenue in R&D and is developing a proprietary complex, MelaMe, aimed at reducing hyperpigmentation, a common concern for those with melanin-rich skin.

Asaya's products are available in over 18,000 pin codes, with more than 2,000 receiving deliveries within 24 hours.