India's startup scene is experiencing a significant surge, driven by entrepreneurs supported by government initiatives such as Start-up India, which provides tax benefits. The presence of incubators and accelerators further strengthens the ecosystem. Notably, sectors like e-commerce, fintech, health tech, and edtech have thrived, contributing to innovation, job creation, and economic expansion. The global acknowledgment of India's startup prowess underscores its potential for transformative innovation. The trajectory of the ecosystem reflects a nation actively embracing entrepreneurship and innovation, positioning itself to shape its future through technology and inventive solutions.

This week, we observed Orbis Financial Corporation, a prominent participant in India's Custody Industry, have successfully garnered Rs 102 crore in funding and HairOriginals, a direct-to-consumer (D2C) brand specializing in hair extensions and wigs, has successfully concluded its pre-Series A funding round at $2.75 million. These are just two examples of the top ten startups that raised million-dollar funds this week.

Orbis Financial Corporation

Orbis Financial Corporation, a prominent participant in India's Custody Industry, has successfully garnered Rs 102 crore in funding, with the primary investment in this round being led by existing investor Ashish Kacholia. This follows Orbis' earlier fundraising of Rs 111 crore from Ashish Kacholia and undisclosed investors.

The funds raised are earmarked for strengthening Orbis Financial Corporation’s position in the financial securities market. Established in 2009, the company offers professional services and solutions to a diverse clientele, including Foreign Portfolio Investors (FPIs), insurance companies, and high-net-worth individuals. The deal was advised by Derivative Saint.

QNu Labs

QNu Labs, a cybersecurity technology company specializing in quantum-safe solutions, has successfully secured $6.5 million in its pre-Series A1 funding round. The funding was led by Ashish Kacholia of Lucky Investments, with participation from Speciale Invest and a prominent family fund. Established and incubated in 2016 at IIT Madras Research Park, QNu Labs provides advanced quantum and post-quantum cryptography solutions. These solutions, built on patented technology, aim to ensure confidentiality and privacy in the face of modern threats targeting critical information infrastructure, communication, and personally identifiable information.

Quantum computers have the capability to address problems beyond the reach of classical computers, yet they present a risk to conventional encryption methods and the security of the existing infrastructure. Quantum-safe cryptography emerges as a crucial safeguard for protecting sensitive data, access, and communications in the era of quantum computing.

Exponent Energy

Exponent Energy, an energy-tech startup, has successfully secured $26.4 million in a Series B funding round. This round was led by Eight Roads Ventures and also included a strategic investment from TDK Ventures. Notably, existing investors such as Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Dr. Pawan Munjal, Executive Chairman of Hero MotoCorp, participated in this funding round. Having been established three years ago in Bengaluru, the startup has now amassed a total of $44.4 million in funding so far. The freshly acquired funds are earmarked for expanding its presence to five new cities by the fiscal year 2024.

The company also outlined its intentions to broaden its presence in the e3W sector and make an entry into the intercity e-bus segment by 2024. Arun Vinayak, Co-founder and CEO of Exponent Energy, stated that with this funding round, they aim to expand operations across various categories and cities, focusing on battery manufacturing and establishing a robust on-ground network. The primary objective is to simplify the fragmented energy ecosystem on a larger scale. Exponent Energy's exclusive energy system allows for a rapid 0-100 percent charge in just 15 minutes for Electric Vehicles (EVs) and provides a 3,000-cycle life warranty utilizing standard Li-ion cells.

Vegrow

Vegrow, an agritech company headquartered in Bengaluru and focused on a business-to-business (B2B) fruits marketplace, has recently completed its Series C funding round. The funding amounted to $46 million and was primarily spearheaded by GIC, Singapore's sovereign wealth fund. Noteworthy is the continued involvement of current investors like Prosus, Matrix Partners India, Elevation Capital and Lightspeed in this funding round.

The raised capital is designated for the expansion of Vegrow's operations in India and enhancing its global presence. This effort aligns with Vegrow's goal to bring together fruit traders and buyers from both supply and demand sides onto a unified platform. Avendus, acting as Vegrow's financial advisor, played a crucial role in facilitating the deal.

ofScale

During a pre-seed funding cycle, ofScale, a distribution-as-a-service platform, secured $375,000 primarily led by First Cheque. Other investors like Abhishek Goyal, Mekin Maheshwari, Revant Bhate, Matrix Partners India DeVC and Relentless VC also contributed to this funding round.

The fresh capital injection aims to drive product development, specifically focusing on empowering brands through data-driven decision-making capabilities and strengthening efforts to enhance sales throughput. Suvigna Shour, Co-Founder & CEO of ofScale, mentioned, "Expanding offline presence is critical for every D2C brand that gains traction online. ofScale supports effective offline initiatives, with over 15 growing beauty and personal care brands successfully launching offline retail using our platform in the past year".

Snitch

Despite the challenging global economic conditions, Snitch, a trailblazer in the fast fashion sector, has accomplished a significant milestone by concluding a Series A funding round of Rs 110 crore. SWC Global and IvyCap Ventures jointly led this funding round, which is noteworthy considering the difficulties faced by numerous late-stage D2C brands in obtaining capital. Alongside support from key angel investors, this investment will accelerate Snitch's growth in areas such as talent acquisition, technological advancements, and the development of an offline retail strategy. These efforts aim to further enhance the company's already impressive performance in the market.

Snitch, recognized for its agility and trend-setting approach, has consistently established elevated benchmarks within the industry. The inauguration of its initial store in Bangalore is a testament to its robust retail strategy and strong appeal to customers. With an extensive digital footprint, boasting over 2 million app downloads, Snitch has served diverse pin codes throughout India, showcasing its broad market reach and unwavering dedication to quality and innovation. The majority of Snitch's sales are derived from its website and app, supported by an expanding offline footprint and collaborations with prominent online marketplaces.

Aye Finance

Aye Finance secured INR 310 crore in its Series F funding round, with British International Investment (BII) from the UK leading the investment. The round also saw participation from The Waterfield Fund of Funds and A91 Partners, existing shareholders of Aye Finance. This fresh equity funding follows the startup's previous Series E round in June 2020, where it raised INR 210 crore ($27 million based on previous exchange rates). Avendus Capital served as the sole financial advisor to Aye Finance for this particular transaction.

Established in 2014 by Sanjay Sharma and Vikram Jetley, Aye Finance specializes in providing cost-effective business loans to microenterprises within the country. The company employs AI algorithms for cluster-based credit assessment to evaluate risk when traditional business documentation is unavailable. Sharma, Aye Finance's MD and CEO, emphasized the necessity for equity to fuel the company's sustained growth over the past two years. The primary allocation of the funds aims to strengthen the portfolio and lending book, with a fraction earmarked for the expansion of the branch network.

Aliste Technologies

Aliste Technologies, a smart home automation startup, secured $1 million in funding led by YourNest Venture Capital and Artha Venture Fund, with contributions from notable investors including Dholakia Ventures, KRS Jamwal, and Anikarth Ventures. The company also received backing from existing institutional investor 100X.VC. Aliste has established a robust foothold in the NCR region and recently expanded to Bangalore. Its subscription-based model for customers has fueled remarkable growth for the company.

Having secured fresh funding, Aliste Technologies plans to expand its presence across India and enhance its brand visibility, as mentioned in its statement. Founded in 2021 by VIT batchmates Aakarsh Nayyar, Anant Ohri, Bhavya Kansal, Konark Gautam, Shreyansh Jain, and Udit Pandoh, the company focuses on the home automation market, aiming to make technology-driven homes accessible to homeowners and businesses. Their objective is to enhance customer experiences and promote energy conservation.

Nat Habit

Nat Habit, a direct-to-consumer (D2C) company specializing in natural personal care products, has secured $10.2 million in a Series B funding round. Bertelsmann India Investments took the lead in the investment, with contributions from existing investor Fireside Ventures, as well as Amazon India Fund, Mirabilis Investment Trust, Sharrp Ventures, and other participants.

Following its $4 million Series A round in April 2022, Nat Habit has successfully raised $10.2 million in a Series B funding round. The funds obtained in the Series B round will be allocated towards several growth initiatives, such as venturing into new product categories, making a foray into the offline market segment, conducting research and development activities, and recruiting talent. according to a statement by the company.

HairOriginals

HairOriginals, a direct-to-consumer (D2C) brand specializing in hair extensions and wigs, has successfully concluded its pre-Series A funding round at $2.75 million (approximately INR 23 crore). The funding occurred in two phases: initially securing $1.25 million from investors including Anicut Capital, Kesh Kala Family Office, Lets Venture, Dexter Angels, JITO Angel Fund, Pankaj Chaddah (former Co-fFounder of Zomato), and Ahana Gautam (Founder of Open Secret) in December of the previous year. The subsequent phase saw the company raising an additional $1.5 million from the same group of investors.

The newly acquired funds will be utilized by the startup to expand its presence in India, intending to establish advanced experience centers across 25 prominent cities. Established in 2019 by Jitendra Sharma, HairOriginals specializes in ethically sourced real human hair extensions and DIY wigs. The company offers non-invasive solutions for achieving hair volume, length, and vibrant colors without using damaging chemicals or dyes. Presently, through its experience centers, HairOriginals serves customers in 12 Indian cities, including Gurugram, Mumbai, Bengaluru, Chennai, Lucknow, Ahmedabad, and Surat.

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