Quick Take
- Asaya raised Rs 88 crore in a Series A round at a Rs 400 crore valuation.
- The valuation is 3 times its level from the September 2025 round.
- Revenue grew 16 times since that round. Asaya now targets Rs 200 crore ARR in 18 months.
Bengaluru-based skincare brand Asaya has raised Rs 88 crore in a Series A round at a post-money valuation of Rs 400 crore. The round was led by RPSG Capital.
That valuation is 3 times the level from Asaya’s last round, in September 2025. Back then the brand raised Rs 28 crore in a pre-Series A round, also led by RPSG Capital. The jump came on the back of a 16 times rise in revenue, Asaya said in a press release.
OTP Ventures, Huddle Ventures, Hyperscale Ventures and 72 Ventures also joined the round. All four are existing backers. The deal mixed fresh capital with secondary share sales, so some early angel investors sold part of their stake.
Who is behind Asaya?
Asaya was founded in 2021 by Neeraj Biyani, Eeti Sharma and Mandeep Singh Bhatia. Biyani was earlier a co-founder of the drinks brand Paper Boat.
The brand makes skincare for melanin-rich Indian skin. Its main focus is hyperpigmentation. It also treats acne and dehydration.
The product list covers dark spot serums, even-tone creams, cleansers, moisturisers, body sprays and sunscreens. Some products target pigmentation on the knees, arms, thighs and underarms.
Asaya has built a molecule it calls MelaMe. The brand says MelaMe is patent-pending and clinically proven to cut hyperpigmentation in 14 days. Asaya claims it is one of the few Indian D2C skincare brands with its own molecule for this problem. D2C means direct-to-consumer.
How fast is Asaya growing?
Asaya now runs at an annual revenue run rate of about Rs 100 crore. Its revenue has grown 16 times since the September 2025 round. That is the number that drove the fresh valuation.
The brand says it is now profitable at the variable contribution level. That means each sale covers its direct costs before fixed overheads. Full profit is a separate test.
“This Series A tells us we’re on the right path,” said co-founder Neeraj Biyani. He added that Asaya is now variable contribution-level profitable and is targeting Rs 200 crore in ARR within 18 months. ARR means annual recurring revenue.
The reach numbers are large. Asaya said its website serves more than 18,000 pin codes. Over 2,000 of those get delivery within 24 hours.
| Metric | Pre-Series A (Sep 2025) | Series A (Aug 2026) |
|---|---|---|
| Amount raised | Rs 28 crore | Rs 88 crore |
| Lead investor | RPSG Capital | RPSG Capital |
| Valuation | About Rs 133 crore | Rs 400 crore |
| Round type | Primary | Primary and secondary |
Note on the earlier valuation: Asaya has stated only that the new Rs 400 crore figure is 3 times its previous level. That implies about Rs 133 crore. The exact prior figure was not disclosed.
Where will the money go?
Asaya will spend nearly 20% of the new capital on research and development. The rest goes to products, distribution, new markets and hiring. The brand plans to double its team in the coming months.
Offline is the next big push. Asaya wants to grow retail partnerships across Tier 1 and Tier 2 cities. It already sells on quick-commerce and marketplace platforms like Nykaa, Amazon, Flipkart, Myntra, Blinkit, Zepto and Swiggy Instamart.
Asaya also sells in the United States and the UAE through Amazon. So the offline plan sits on top of an existing export base.
Why does this round matter?
Money is flowing into Indian beauty and personal care. Asaya is one of several skincare brands to raise this year.
RAS Luxury Skincare took Rs 60 crore from Dabur in March 2026. Chosen raised $5 Mn in a Series A led by Fireside Ventures in May. KorinMi raised Rs 10 crore from Lotus Herbals’ innovation fund in June.
The pattern is clear. Investors want ingredient-led brands that solve one specific problem. Asaya’s bet is on skin made for Indian tones.
Asaya competes with Minimalist, The Derma Co, Dot & Key, Foxtale, Deconstruct and Plum, among others.
What this means for you: If you build a D2C brand, a proprietary molecule plus proof of repeat purchase is what pulled Asaya’s valuation up 3 times in under a year.
StartupFeed Insight
The story here is not the Rs 88 crore. It is the 16 times revenue jump in under a year, from a brand that still raised secondary capital to give early angels an exit. That mix says the founders had leverage. RPSG Capital led both rounds, which signals conviction, not a fresh bet. Watch the offline move closely. Rs 100 crore of run rate built online does not always survive the jump to shelves, where margins get thinner and returns get slower. If Asaya holds its variable-contribution profit through a Tier 2 retail push in 2026, it becomes a real test case for melanin-first skincare in India.
— Avinash Mishra, Business Correspondent
