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Asaya raises $3 Mn in pre-Series A round led by RPSG Capital

EntrackrEntrackr · 1d ago
Asaya raises $3 Mn in pre-Series A round led by RPSG Capital
Medial

Asaya, a research-backed skincare brand focused on hyperpigmentation, has raised Rs 28 crore (around $3 million) in a pre-Series A round led by RPSG Capital. Other investors include Suyash Saraf and Anisha Agarwal Saraf, co-founders of Dot & Key, alongside existing backers OTP Ventures and Huddle Ventures. The proceeds will be used to set up a state-of-the-art innovation center, accelerate product development, and expand distribution. Founded by Neeraj Biyani, Anupam Sinha and Ritu Malhotra, Asaya’s current product line includes serums, creams, face masks, and treatments for hyperpigmentation, uneven skin tone, and related concerns. The firm follows a direct-to-consumer (D2C) model, selling via its own online channels, quick-commerce platforms, and select offline retail. This approach allows it to control pricing, maintain transparency, and bring research-driven solutions directly to consumers. Asaya claims to have grown 400% year-on-year, driven by its proprietary patented molecule MelaMe™, which delivers clinically proven results in 14 days and has consistently outperformed global beauty brands in tests on Indian skin types. Asaya plans to launch six new products in the next 12 months, including a line featuring another patented molecule targeting a major Indian skin concern after 1.5 years of research. Asaya competes with both multinational giants like L’Oréal, P&G, and Unilever and homegrown digital-first brands such as Mamaearth, Minimalist, and Dot & Key.

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

EntrackrEntrackr · 1y ago
Beauty brand Asaya raises $1.5 Mn from OTP Ventures and others
Medial

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.

D2C skincare brand Foxtale scoops up $14 Mn in new round

EntrackrEntrackr · 1y ago
D2C skincare brand Foxtale scoops up $14 Mn in new round
Medial

D2C skincare brand Foxtale has raised Rs 119.5 crore (approximately $14 million) in a new round from PGP India Growth, Panthera Growth, Matrix Partners, and Beacon Trusteeship. This is the first funding round for the Mumbai-based firm in 2024 and the second in the past two years. Previously, the startup had raised $4 million in a pre-Series A round from Matrix and Kae Capital in June 2022 and a seed round in August 2021. Founded by Romita Mazumdar in 2021, Foxtale is a low-cost skincare brand that launched four basic products. Its product portfolio covers anti-aging, acne control and hydration aspects among others. According to the startup data intelligence platform TheKredible, the three-year-old company has been valued at around Rs 790 crore or $96 million (post-allotment of the new round). Foxtale grew at a scorching pace in the last fiscal year and posted Rs 13.8 crore in operating revenue against Rs 20 lakh in FY22. However, the firm’s losses soared 7.5-fold to Rs 18.49 crore during the fiscal year ending March 2023 as compared to Rs 2.48 crore in FY22. The company claimed that it hit break even in Q2 in FY24 and intends to become a Rs 1,000 crore brand in the next five years. Foxtale will compete with well established players like Sugar Cosmetics, WOW Skin Science, Plum, MamaEarth, Minimalist and several others. Foxtale’s funding is good news for the D2C skincare ecosystem which didn’t see much funding activities in the past year. Sugar has been eyeing to score around $100 million in secondary and primary capital but the deal is yet to be materialized.

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