Elchemy Funding: Elchemy Bags $5.6 Mn To Widen Global Customer Base

SUMMARY

Elchemy has secured $5.6 Mn (INR 47.2 Cr) in a Series A funding round led by Prime Venture Partners, with additional participation from InfoEdge Ventures

The company plans to use the fresh capital to expand its US footprint, strengthen tech leadership team and invest in advanced supply chain visibility solutions

The startup raised $2 Mn in a seed round of funding led by InfoEdge Ventures in 2022, and built a platform to address critical pain points in specialty chemical distribution

Cross-border specialty chemicals distribution startup Elchemy has secured $5.6 Mn (INR 47.2 Cr) in a Series A funding round led by Prime Venture Partners, along with participation from existing investor InfoEdge Ventures.

The company plans to use the fresh capital to expand its US footprint, strengthen tech leadership team and invest in advanced supply chain visibility solutions.

Besides, it also plans to expand its proprietary technology stack to include enhanced quality management systems, real-time tracking capabilities and automated documentation processes.

Founded in 2021 by Hardik Seth and Shobhit Jain, Elchemy is a tech-powered marketplace and distribution platform that connects Indian manufacturers with global buyers and ships the cargo to more than 13 countries, including the US, the UAE, Singapore, Brazil, Switzerland, Uganda and Tanzania, among others.

The Delhi NCR-based startup claims that its platform has facilitated specialty chemical exports to more than 50 ports across the globe, by enabling buyers from all around to source specialty chemicals from India and Southeast Asia.

“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, where we see tremendous growth potential,” Seth said.

The startup raised $2 Mn in a seed round of funding led by InfoEdge Ventures in 2022, from which it built a platform to address critical pain points in specialty chemical distribution.

Previously, the company, featured in Inc42’s 30 Startups To Watch In February 2023, then revealed that by 2026, Elchemy plans to do $5 Bn worth of business with small chemical manufacturers in India.

This development comes weeks after a bigger market rival, cross-border speciality chemical manufacturing platform Mstack raised $40 Mn (about INR 335 Cr) to expand its footprint in its biggest market, North America, along with regions like Latin America, the Middle East, and Asia.