Asaya raises Rs 88 crore at Rs 400 crore valuation
The D2C skincare brand is live on ten Indian platforms including all three major quick commerce apps, and says the next moves are deeper quick commerce and offline retail partnerships.
- Asaya raised Rs 88 crore, about $9.2 million, at a post-money valuation of Rs 400 crore from RPSG Capital, OTP Ventures, Huddle Ventures, Hyperscale Ventures and 72 Ventures.
- RPSG Capital led the earlier Rs 28 crore pre-Series A in September last year, a round in which Hyperscale Ventures and 72 Ventures are not named by Entrackr.
- The Rs 200 crore ARR number is a target cofounder Neeraj Biyani has set for 18 months, not an achieved figure; Inc42 puts the current annualised run rate at Rs 100 crore.
- Asaya sells on ten Indian platforms including Blinkit, Zepto, Swiggy Instamart and BigBasket, and its stated next steps are deeper quick commerce and offline retail partnerships.
D2C skincare brand Asaya has raised Rs 88 crore, about $9.2 million, at a post-money valuation of Rs 400 crore. RPSG Capital, OTP Ventures, Huddle Ventures, Hyperscale Ventures and 72 Ventures took part. Entrackr does not name the round. Cofounder Neeraj Biyani calls it a Series A in his own statement, which is the only basis for the label.
RPSG Capital led the company’s Rs 28 crore pre-Series A in September last year, alongside OTP Ventures, Huddle Ventures and angel investors Suyash Saraf and Anisha Agarwal Saraf. Inc42 reports the new valuation is three times that of the previous round, and that revenue has grown 16 times since then, with Asaya currently operating at an annualised revenue run rate of Rs 100 crore.
Biyani said: “This Series A tells us we’re on the right path. We are now variable contribution-level profitable and targeting Rs 200 Cr in ARR within 18 months”. The Rs 200 crore is a target with a clock on it, not a number the company has reached. Variable contribution-level profitable is his own phrase and is narrower than profitable.
Founded in 2021 by Biyani, Eeti Sharma and Mandeep Singh Bhatia, Asaya will put the money into research and development, product expansion, distribution and hiring, per Entrackr. Inc42 splits it further: nearly 20 percent to R and D, the rest to product expansion, geographic growth, distribution and team expansion, with the team set to double in the coming months.
The channel footprint is the part operators should read closely. Asaya sells on Nykaa, Amazon, Flipkart, Myntra, Tira, Purplle, Blinkit, Zepto, Swiggy Instamart and BigBasket, and is available in the US and UAE through Amazon. Its website serves more than 18,000 pin codes, with over 2,000 eligible for 24-hour delivery. From that base, Inc42 reports the plan is to deepen presence across quick commerce platforms and explore offline retail partnerships.
That sequencing is worth naming. Ten Indian platforms, all three major quick commerce apps already live, and the growth plan is still to go deeper in quick commerce before adding physical shelf. For a brand deciding where the next rupee of listing effort and trade spend goes, that is a bet that a channel you already sell on has more headroom than one you do not. Depth before breadth, with offline treated as the layer after quick commerce rather than the escape from it.
Zane’s analysis draws on original reporting by Entrackr. Read the original report.