Prime Venture led $5.6 M funding raised by cross-border specialty chemical distribution platform Elchemy
In a new funding round led by Prime Venture Partners, Elchemy, a cross-border specialty chemical distribution platform, raised $5.6 million (almost Rs 47 crore), with participation from InfoEdge Ventures, an existing investor.
The Mumbai-based business had previously raised $1.96 million in 2022 during a seed round.
According to a press release from Elchemy, the money will be utilized to bolster its tech leadership, invest in cutting-edge supply chain visibility solutions, and establish a team in the US.
Elchemy, which Hardik Seth and Shobhit Jain co-founded in 2021, assists foreign buyers in finding and sourcing specialty chemicals from Southeast Asia and India. Finding suppliers is made easier, product quality is guaranteed, and end-to-end fulfillment for specialty chemicals is managed.
Elchemy says it wants to add quality management systems, real-time tracking capabilities, and automated documentation procedures to its proprietary technology stack. As it continues to concentrate entirely on exports, the company assists India’s small and medium-sized chemical producers in growing their global footprint.
Elchemy says it has clients in Latin America, Europe, and the Middle East, but its primary focus will be on the North American market. The startup stands out due to its distinctive distribution-first strategy in the fiercely competitive specialty chemicals market. In addition to addressing important issues for global buyers, the team has created an impressive technological platform that boosts operational effectiveness.
In addition to facilitating exports to roughly 50 ports worldwide, Elchemy claims to serve over 80 clients worldwide and intends to add about 100 North American clients in the upcoming year.
