Speciality chemicals startup Scimplify to raise $5 M in new round: Report
Media sources informed us that Scimplify, a platform for all specialty chemical sourcing and manufacturing, is raising a $5 million new round of funding. The Bengaluru-based company is entering a new round of funding shortly after six months.
“Omnivore is leading $5 million in Scimplify while existing backers will also double down,” said one of the sources requesting anonymity.
In December of last year, Scimplify raised $3.67 million from 3one4 Capital and Beenext as part of its seed round.
Scimplify is a business-to-business fulfillment platform that was founded by Salil Srivastava and Sachin Santhosh. It serves the pharmaceutical, personal care, and agrochemical industries, and operates throughout the whole product life cycle, from contract research to commercial chemical manufacturing.
Scimplify had stated during the previous fundraising campaign that it intended to extend its reach to 20 countries and add four new chemical categories. At the moment, it operates manufacturing plants in Gujarat, Hyderabad, and Karnataka.
“The deal is almost finalized and it will value Scimplify in the range of $20-25 million,” said another source.
Sources claim that Omnivore recognized potential in the agrochemical product line offered by Scimplify. The company’s website lists emulsifiers, adjuvants, biostimulants, plant growth stimulators, and biofertilizers among its products.
According to the media, as of the seed round, Beenext held a 7% stake in Scimplify, while 3one4 Capital controlled 17%. Combined, the co-founders own close to 65% of the business.
Omnivore and co-founder of Scimplify Srivastava did not respond to inquiries until the article was published.
Atomgrid and Covvalent are rivals of Scimplify. Covvalent raised $4.3 million in a seed round led by Nexus Venture Partners in November 2022, while Bengaluru-based Atomgrid raised $1.2 million in May of this year.
Impact venture capital firm Omnivore announced in June 2023 that it had closed its third fund, which had a $150 million initial commitment and would be used to make 25–30 new seed and Series A round investments. Among the businesses in its portfolio are Pixxel, DeHaat, Aquaconnect, Stellapps, Arya, and Reshamandi.
