Asaya, a premium skincare brand, successfully secured Rs 12 crore ($1.5 million) in a Seed funding initiative spearheaded by OTP Ventures and Huddle Ventures, with additional financial contributions from Eternal Capital.

The allocated funds are designated for research focused on melanin and the development of additional melanin-specific products, according to a company press release. A portion of these resources will also be used to broaden the company's market presence.

Founded in September 2023 by Neeraj Biyani (formerly co-founder of Paper Boat), Mandeep Bhatia, and Eeti Sharma, Asaya has quickly grown its sales and customer base. The company offers its products on its own website and through various online retailers such as Nykaa, Amazon, Flipkart, and Myntra. It currently boasts over 11 products and 23 SKUs.

Neeraj Biyani stated that the new funding is expected to increase their consumer numbers from 20,000 to over 250,000 within the coming year.

Suhail Sameer, former CEO of BharatPe, now serves as the managing partner at OTP Ventures, which is on track to close its debut fund at Rs 400 crore by June. The firm also recently led a $1 million investment round in CirclePe.

On Thursday, Asaya announced that it had raised Rs 12 crore in seed funding from OTP Ventures, Huddle Ventures, and Eternal Capital. The company plans to use these funds for further research and development aimed at enhancing their offerings for melanin-rich skin, in addition to expanding their market footprint.

"We plan to substantially boost our communication and service capabilities to better serve our rapidly expanding customer base," said Neeraj Biyani, co-founder of Asaya. "This funding will enable us to scale from 20,000 to over 250,000 consumers in the next twelve months."

This round of funding is part of Asaya’s broader strategy to attract more investments as the brand continues to grow. It builds on over 2.5 years of research, with future investment rounds intended to support continuous research and development and new product introductions, the company explained.