Mumbai-based startup Elchemy has raised $5.6 million in a Series A funding round to expand its specialty chemical distribution platform. The funding was led by Prime Venture Partners, with additional support from InfoEdge Ventures.
The company plans to use the funds to set up a U.S.-based sales team, enhance its technology capabilities, and invest in supply chain visibility solutions.
Transforming the Specialty Chemicals Market
Founded in 2021 by Hardik Seth, a chemical engineer, and Shobhit Jain, a software developer, Elchemy is tackling inefficiencies in the global specialty chemicals market. The industry, valued at $800 billion, faces challenges in sourcing, quality assurance, and logistics.
Elchemy offers a tech-driven platform that simplifies supplier discovery, ensures product quality, and manages end-to-end fulfillment. The platform allows customers to procure materials, track orders, and access support from a single interface.
The startup currently serves over 80 global clients, primarily in North America, while exporting to more than 50 ports worldwide. “Our clients are mostly businesses in personal care, cosmetics, and related industries. We focus on helping small and mid-sized Indian manufacturers expand internationally,” said Seth.
Scaling Operations in North America
Elchemy is preparing to establish its first on-ground sales team in the U.S., transitioning from its current inside-sales model. The startup will also use the funding to improve its proprietary technology, with features like real-time tracking, quality management, and automated documentation.
“Our goal is to streamline chemical exports and help manufacturers in India grow globally,” said Seth.
Investors Back Elchemy’s Vision
Investors praised Elchemy’s innovative approach to the fragmented specialty chemicals market. Amit Somani, Managing Partner at Prime Venture Partners, highlighted Elchemy’s distribution-first strategy and technology as key differentiators.
Kitty Agarwal, Partner at InfoEdge Ventures, added, “Hardik and Shobhit’s clear vision and commitment to excellence have gained trust from their customers and investors alike.”
With this funding, Elchemy is set to strengthen its presence in global markets, driving innovation in the chemical distribution space.
