Specialty Chemical Startup Elchemy Secures USD 5.6 Mn Funding Led by Prime Venture Partners The fresh funds will be deployed for building a team in the US, strengthening its tech leadership, and investing in advanced supply chain visibility solutions.
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Mumbai-based cross-border specialty chemical distribution platform Elchemy has raised USD 5.6 million (approximately INR 47 crore) in a Series A funding round led by Prime Venture Partners, with participation from existing investor InfoEdge Ventures.
The startup previously raised USD 1.96 million in a seed round in 2022.
The new capital will be directed towards building a US-based team, enhancing tech leadership, and advancing supply chain visibility solutions, the company announced in a press release.
Co-founded in 2021 by Hardik Seth and Shobhit Jain, Elchemy facilitates the discovery and sourcing of specialty chemicals from India and Southeast Asia for international buyers. The platform ensures product quality and oversees end-to-end fulfillment for specialty chemicals, simplifying complex supply chain operations.
"This Series A funding validates our innovative approach to solving complex supply chain challenges in the specialty chemicals industry. With the support of Prime Venture Partners and InfoEdge Ventures, we are well-positioned to enhance our technological capabilities and expand our global footprint, particularly in North America," said Hardik Seth, Co-founder of Elchemy.
The company plans to bolster its proprietary technology stack by integrating advanced features like quality management systems, real-time tracking, and automated documentation processes.
Currently focused on exports, Elchemy helps Indian small and mid-sized chemical manufacturers expand internationally, with a strong emphasis on the North American market. The startup claims to serve over 80 clients worldwide, enabling exports to 50 ports across regions including the Middle East, Europe, and Latin America.
The funding aligns with Elchemy's ambition to acquire around 100 North American customers in the next year.
"Elchemy's unique distribution-first approach sets them apart in the fragmented specialty chemicals market. Leveraging strong China+1 opportunities and 'Make in India' initiatives, they are poised to lead globally in tech-led chemical distribution," said Amit Somani, Managing Partner at Prime Venture Partners.
