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Beauty brand Asaya raises $1.5 Mn from OTP Ventures and others

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Premium skincare brand Asaya has raised Rs 12 crore ($ 1.5 million) in Seed funding round led by OTP Ventures and Huddle Ventures, with additional investments from Eternal Capital. The funds will be allocated towards melanin-centric research and developing more products that cater to melanin-specific needs, the company said in a press release. Part of the funding will also be utilised to enhance market reach. Launched in September 2023 by Neeraj Biyani (former Co-founder of Paper Boat), Mandeep Bhatia, and Eeti Sharma, Asaya has rapidly expanded its sales and customer base, retailing through its website and online retail platforms like Nykaa, Amazon, Flipkart, and Myntra. Currently, it claims to have more than 11 products and 23 SKUs. According to Biyani, this funding will help us go from 20,000 to over 250,000 consumers in the next 12 months. Suhail Sameer, who is the former CEO of BharatPe, is serving venture capital firm OTP Venture as managing partner. As per a media report, OTP Ventures is also looking to close its debut fund at Rs 400 crore by June. The firm recently led $1 million round in CirclePe.