India's startup ecosystem has soared to become the world's 3rd largest, the government's dedication to nurturing innovation through initiatives like Start-up India has created a competitive environment for aspiring entrepreneurs, reaping benefits of tax incentives and support. Incubators and accelerators further fuel this growth by providing crucial assistance to young ventures. The impact is felt across diverse sectors, with startups excelling in IT services (13%), healthcare and life sciences (9%), education (7%), agriculture (5%), and food & beverages (5%). India's innovation knows no bounds, propelling its startup landscape to new heights.

This week, we saw Ethereal Machines, manufacturer of multi-axis Computer Numerical Control (CNC) machines said it has raised $7.3 million in a funding round from various investors, including Peak XV’s Surge and Blume Ventures; and Bengaluru-based virtual restaurant operator, Dil Foods, has successfully raised $2 million in a Pre-Series A funding round led by V-cube Ventures and Mount Judi Ventures.  Here is the compilation of top 10 startups that raised million dollar funds this week.

Ethereal Machine

Ethereal Machines, manufacturer of multi-axis Computer Numerical Control (CNC) machines said it has raised $7.3 million in a funding round from various investors, including Peak XV’s Surge and Blume Ventures.

Celesta Capital partner Ganapathy Subramaniam, former Blackstone India head Mathew Cyriac and executive chairman of Cadence Design Systems Lip-Bu Tan, along with Finvolve, 9Unicorns, Venture Catalysts and T2D3 Capital also participated in the round, as per a statement. Multi-axis machining machines operating with Computer Numerical Control (CNC) allow for motion in four or more directions. This helps in manufacturing of the precision parts that are used in the aerospace, defence, automobile and healthcare industries.

Altre

Altre, the innovative proptech startup, has recently secured $1 million in a pre-series A funding round aimed at bolstering its technological capabilities and expanding its teams nationwide. As a B2B fulfillment marketplace for commercial real estate, Altre stands as India’s pioneering digital brokerage platform catering to enterprise clients on a Pan India scale.

Shweta Sawhney, the founder and CEO of Altre, emphasized the platform’s transformative impact, reducing transaction time by an impressive 80%, providing significant advantages to corporate clients. By aggregating inventory from across India on their marketplace, Altre enables seamless digital transactions for businesses. Having spent over 20 years in the real estate industry and holding leadership roles at renowned firms like JLL, C&W, and Savills, Shweta Sawhney decided to depart from the international property consulting space to establish India’s first digital brokerage fulfillment platform for commercial real estate.

Minifeel

Minifeel, a Mumbai-based startup revolutionizing how consumers discover premium beauty products at incredible offers, has successfully raised INR 3 crore in a pre-seed funding round, led by 100X.VC. The funding round also saw significant participation from renowned angel investors, including Vijay Jain (Founder of ORRA Jewellery), Ajay Mokariya and Ganesh Iyer (MD and Joint MD of Shree Maruti), Yash Kotak (Founder of Jumper.ai), Niraj Chhajer (Partner at Pransh Capital), Bhanushali Angel Investor Network, among others.

The primary focus of this funding is to empower Minifeel in developing cutting-edge technology that personalizes the consumer’s experience by recommending the best-suited beauty products for each individual. By leveraging this technology, Minifeel aims to enhance customer engagement and satisfaction, offering a seamless beauty discovery journey.

Kandle

Kandle, a Singapore-based crypto fantasy GameFi project, has recently secured a substantial USD 1.7 million seed round led by Saama, a prominent investor in the gaming and financial services industry. The funds will be utilized to further develop the platform and expand its user base. The highlight of Kandle.xyz is its flagship product, ‘Crypto Fantasy Leagues,’ a captivating game that allows players to select crypto coins as their battle tokens and compete against other players in a battle of the portfolios.

The company has already made its presence known in countries like Indonesia, Vietnam, Nigeria, and India, and has ambitious plans to expand across Asia and North America. The seed funding round saw participation from several key investors, including PointOne Capital, Cloud Capital, Good Capital, Founder’s Room, Seeders Fund, and Mr. Sumit Gupta, the CEO of CoinDCX.

Zyber

Web3 cybersecurity startup Zyber 365 said that it has raised $100 million at a $1.2 billion valuation from UK-based SRAM & MRAM Group. The company, founded in May this year, is headquartered in London with an operational base in India. Zyber 365 plans to make India the hub of its operations, it said in a statement. “The influx of capital will play a pivotal role in fuelling the company's expansion plans, enhancing its technological capabilities, and solidifying its global market presence,” it added.

SRAM & MRAM Group had also invested in blockchain startup 5ire in July last year. It had pumped in $100 million in the startup at a valuation of $1.5 billion. Founded by Pearl Kapur and ethical hacker Sunny Vaghela, Zyber 365 offers a decentralised and cyber-secured operating system, which adheres to the fundamental principles of environmental sustainability.

Auxilo Finserve

Auxilo Finserve, education-focussed non-banking finance company, has raised Rs 470 crore (around USD 57.4 million) as a primary equity capital in its recent funding round led by Tata Capital Growth Fund II, Trifecta Leaders Fund - I and others. Moreover, Xponentia has committed to invest Rs 110 crore in the company. The transaction closure is subject to necessary regulatory approvals.

Existing investor ICICI Bank also participated in the funding round. The bank had invested Rs 51 crore in the education financing company in November last year. In 2018, the company had raised Rs 37.5 crore from Balrampur Chini Mills. The company said that it plans to use the capital to fuel its growth aspirations by expanding its loan base, broadening its product offerings, and providing innovative financial solutions to its customers. It will also utilise the capital infusion to broaden its product offerings and enhance its technological capabilities.

Wiom

Homegrown tech startup Wiom focused on democratising internet access in India announced that it has raised Rs 140 crore in Series A round. The Series A round was led by RTP Global while YourNest and Omidyar Network India, an investment firm focused on impact, also participated, along with Global Brain, Blume Founders Fund, Alteria Capital, Stride Ventures, Stride One and 9 Unicorns.

The company said that it will now focus on expanding its footprint to cities throughout India while investing in high-quality talent and distributed delivery architecture. “Using cutting edge technological disruptions, Wiom paves the way for a future where connectivity knows no boundaries, where dreams can be realised, and where every Indian can harness the transformative power of the internet,” Satyam Darmora, founder of Wiom, said in a statement.

Effectiv

Effectiv, a real-time fraud and risk management platform for financial institutions and fintech companies, has raised $4.5 million in seed funding led by Silicon Valley-based Better Tomorrow Ventures. The funding round also saw participation from Accel, among others. The California-based startup, with operations in India, provides artificial intelligence (AI)-powered solutions such as payment fraud detection, customer and business onboarding verification, and compliance management. It has crossed $1 million in revenue since its launch in 2022, as per a statement.

Effectiv has helped organisations process over $27 billion in financial products and currently processes over $100 million daily, the statement said. Its clients include BHG Money, Cardless, Pomelo, Usalliance Financial, Peapack-Gladstone Bank, among others. “With a clear vision to combat the escalating challenge of AI-generated fraud, such as deep-fakes and voice synthesizing, the company has decided to utilise the newly acquired funds to develop innovative models tailored to counter these emerging threats,” Ravi Sandepudi, cofounder and CEO, Effectiv, said in a statement. The company is considering expanding its offerings to other geographies, it added.

Immersive Labz

Immersive Labz fulfilled a very critical need in both the science education and medical education stream. Immersive Labz has raised its Pre Series A funding round of $1 million via ah! Investments Angel Platform, Hyderabad Angels, and with participation from existing investors such as Marwari Catalysts, Hem Angels, Cognify, and Others. Pune-based startup Immersive Labz (Immersivision Technologies Pvt Ltd) is a deep-tech company established by the alumni of the Indian Institute of Technology (IIT), the Indian Institute of Management (IIM), and the Delhi College of Engineering (DCE).

This company was established in order to bring transformation in practical science education by offering unique and innovative learning solutions powered by advanced technologies. They have built two innovative products SimuLab (A 3D Virtual Science Lab) and Cadaviz (India’s First Virtual Human Dissection Table) that have created ripples in the market for their excellent facets and capabilities.

Dil Foods

Bengaluru-based virtual restaurant operator, Dil Foods, has successfully raised $2 million in a Pre-Series A funding round led by V-cube Ventures and Mount Judi Ventures. Dil Foods operates on an innovative asset-light model, leveraging the existing but underutilized infrastructure of partner restaurants to manage the last mile of cooking and distribution, while focusing on business operations, supply chain management, branding, and marketing.

Arpita Aditi, the Founder and CEO, explained that the company excels in creating diverse brands, designing menus, determining pricing, and developing attractive packaging. Dil Foods then collaborates with local restaurants possessing suitable infrastructure to handle orders, ensuring that the entire supply chain is well-managed to maintain quality and consistency across its outlets.