Asaya

Asaya, a brand operating under the parent company Wellspring Consumer Private Limited, is carving out a specific niche within the crowded beauty and personal care market by focusing on skincare for melanin-rich skin. The company was founded in September 2023 by a team of entrepreneurs including Neeraj Biyani, former co-founder of the beverage brand Paper Boat, along with Mandeep Bhatia, Eeti Sharma, and Vikash Singhal. The inspiration for the venture stemmed from personal experiences, particularly co-founder Eeti Sharma's struggle with adult acne and the realization that most available products were formulated for Caucasian skin, not addressing the unique structural properties of Indian skin.

Asaya operates on a direct-to-consumer (D2C) model, selling its products through its own e-commerce website as well as major online marketplaces like Amazon, JioMart, and Flipkart. The business generates revenue through these online sales, with a reported 60% of revenue coming from marketplaces and 40% from its own site. The company targets the 'masstige' and premium segments of the Indian skincare market, which are growing at a faster rate than the mass market. After an initial investment of Rs 5 crore, Asaya raised Rs 12 crore (approximately $1.5 million) in a seed funding round in June 2024, co-led by OTP Ventures and Huddle Ventures. These funds are allocated towards melanin-centric research, new product development, and expanding market reach. For the 2023-24 fiscal year, Asaya recorded Rs 96 lakh in sales and aims for a significant increase in the following year, with plans to enter offline retail in the future.

The company's core value proposition is its scientifically formulated products designed specifically for the needs of melanin-rich skin, which is more prone to issues like hyperpigmentation, dryness, and sensitivity. To address this, Asaya invested in two years of research, leading to the development of a proprietary molecule called MelaMe™. This technology is engineered to tackle hyperpigmentation by inhibiting excess melanin production and breaking down existing deposits without causing irritation. The product portfolio is structured around a four-step regimen: Clean, Hydrate, Treat, and Protect, and includes categories such as sun protection ("Under One Sun") and hydration ("Running Deep"). Their offerings include cleansers, moisturizers, serums, sunscreens, and shower oils, with prices starting from Rs 449. All products are vegan, cruelty-free, and formulated without sulphates or phthalates, with conceptualization and formulation done in Florida, USA, and research centered in Bangalore, India.

Keywords: melanin skincare, D2C beauty, Indian skincare, hyperpigmentation, Wellspring Consumer, Neeraj Biyani, Eeti Sharma, premium skincare, MelaMe, seed funding