Elchemy, a cross-border platform for specialty chemical distribution, has successfully raised $5.6 million (approximately Rs 47 crore) in a funding round led by Prime Venture Partners. The round also saw participation from its existing investor, InfoEdge Ventures.
Founded in 2021 by Hardik Seth and Shobhit Jain, the Mumbai-based startup had previously raised $1.96 million during its seed round in 2022. The fresh funds will be utilized to expand its U.S. team, boost tech leadership, and invest in advanced supply chain visibility solutions, the company announced.
Elchemy simplifies the process of sourcing specialty chemicals from India and Southeast Asia for international buyers. Its services include supplier discovery, product quality assurance, and end-to-end fulfillment. The company aims to expand its proprietary technology stack by adding features such as quality management systems, real-time tracking, and automated documentation to enhance the buyer experience.
Currently, Elchemy caters to over 80 clients globally, enabling exports to 50 ports worldwide. The company plans to focus heavily on the North American market, targeting 100 new customers from the region within the next year. It also boasts a presence in the Middle East, Europe, and Latin America.
With its distribution-first approach and advanced technology platform, Elchemy addresses critical challenges in the fragmented specialty chemicals market, driving operational efficiency and supporting small to mid-sized manufacturers in India to scale internationally.
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