Amid a wave of acquisitions and funding in India’s beauty and personal care (BPC) sector, skincare startup Asaya is betting that scientific research, not celebrity endorsements or influencer-led marketing, will be its biggest differentiator. The company, which develops products for hyperpigmentation and other concerns specific to melanin-rich Indian skin, is preparing to raise a Series A round to support its next phase of growth.
Founded by Eeta Sharma along with Paper Boat’s ex-founder Neeraj Biyani and Mandeep Singh Bhatia, Asaya has grown fivefold over the past year, with its user base crossing 5 lakh customers. The company has raised ₹43 crore to date and plans to deploy fresh capital towards expanding its research and development capabilities, clinical validation, product innovation and offline retail presence.
“Our immediate priority is investing in science,” Sharma told businessline. “The funding will primarily go towards strengthening our R&D capabilities, conducting more clinical studies and launching newer categories before we look at manufacturing.”
Building IP
The startup is also broadening its portfolio beyond hyperpigmentation serums into adjacent categories, including night creams and products targeting more complex pigmentation concerns. It is simultaneously developing proprietary active molecules and delivery systems to build intellectual property around Indian skin physiology.
On the distribution front, quick commerce has emerged as a key growth engine. While Amazon and Nykaa remain its largest online channels, Blinkit already contributes about 17 per cent of revenue. The company plans to enter offline retail within the next few months after building its distribution team, while continuing to prioritise digital channels.
Durable Brand
The expansion comes as India’s BPC industry witnesses heightened consolidation, with larger consumer companies increasingly acquiring or investing in fast-growing D2C brands to tap product innovation and niche consumer categories. Asaya, however, believes sustained investment in science and clinical validation will be central to building a durable skincare brand rather than simply chasing rapid scale.