New Delhi, Dec. 11 -- Engineering procurement construction (EPC) provider Soleos Solar Energy and direct-to-consumer coffee brand Toffee Coffee Roasters have raised early-stage funding, while Mamaearth's parent Honasa Consumer has entered men's personal-care segment with an acquisition.

Soleos Solar Energy

Ahmedabad-based Soleos Solar Energy has raised $12 million (around Rs 108 crore) in a funding round led by homegrown venture capital firm Gujarat Venture Finance Ltd (GVFL).

The company plans to use the capital to accelerate its shift from a pure-play engineering procurement construction (EPC) provider to a renewable energy solutions company. It will use the capital to expand its development pipeline, fund construction across priority regions, and strengthen governance as it builds out group-captive and consumer-led energy models.

The startup, founded in 2017 by Bhavesh Rathod, runs an integrated development-to-operations platform that brings project sourcing, investor onboarding, capital structuring, EPC execution, and long-term asset management under one system.

Soleos said that the firm has also begun manufacturing in-house battery energy storage systems, enabling it to add solar-plus-storage capability and move closer to becoming a provider of round-the-clock clean energy.

Toffee Coffee Roasters

Toffee Coffee Roasters has raised Rs 5 crore (approximately $550,000) in a Pre-series A round led by Inflection Point Ventures, with participation from 66 Bridge Partners, Abhijit Vemuganti and Invesst.

The brand will channel most of the new capital into working capital, while the rest will support upgrades to its roastery, packaging improvements and new product development.

The Mumbai-born coffee brand claims that it has grown steadily in the at-home speciality segment and has been featured on Shark Tank India. It also counts Oyo founder Ritesh Agarwal as an existing backer.

The company currently produces over five tonnes of coffee a month and sees more than 40,000 units consumed monthly. It aims to build a stronger presence across quick commerce platforms and capture 5% to 8% of the online coffee category.

BTM Ventures

Direct-to-consumer cosmetics brand Mamaearth's parent firm Honasa Consumer Ltd has entered the men's personal care segment with the acquisition of BTM Ventures, the parent company of Reginald Men.

The deal values the business at Rs 195 crore (around $22 million), with Honasa set to purchase a 95% stake through a secondary transaction, while the rest will be acquired after one year based on agreed valuation terms.

Reginald Men, founded in 2022 by Trisha Reddy Talasani, is a premium men's care brand with products such as sunscreen and serums. The brand's revenue stood at over Rs 70 crore between November 2024 to October 2025 with an EBITDA margin close to 25%.

The acquisition adds a fast scaling brand to Honasa's portfolio and strengthens its reach in South India, which is a key market for Reginald Men.

Honasa said the move aligns with its strategy to build leadership across emerging personal care segments and deepen its presence in high-potential markets.

Investment banking arm of PwC acted as exclusive financial advisor to Reginald on the said transaction.

Published by HT Digital Content Services with permission from VC Circle.