Prime Venture leads $5.6 Mn round in Elchemy

Cross-border specialty chemical distribution platform Elchemy has raised $5.6 million (nearly Rs 47 crore) in a new funding round led by Prime Venture Partners, along with participation from its existing investor InfoEdge Ventures.

The Mumbai-based company had previously raised $1.96 million in a seed round back in 2022.

The proceeds will be used for building a team in the US, strengthening its tech leadership, and investing in advanced supply chain visibility solutions, Elchemy said in a press release.

Co-founded in 2021 by Hardik Seth and Shobhit Jain, Elchemy helps international buyers discover and source specialty chemicals from India and Southeast Asia. It simplifies the process of finding suppliers, ensures product quality, and oversees end-to-end fulfillment for specialty chemicals.

According to Elchemy, it aims to expand its proprietary technology stack to include quality management systems, real-time tracking features, and automated documentation processes. The company continues to focus solely on exports, helping small and mid-sized chemical manufacturers in India expand their presence internationally.

Elchemy plans primarily to focus on the North American market and claims to have customers in the Middle East, Europe, and Latin America. The startup’s unique distribution-first approach in the highly fragmented specialty chemicals market sets it apart. The team has built a remarkable technology platform that not only solves critical pain points for international buyers but also enhances operational efficiency.

Elchemy asserts that it serves more than 80 clients worldwide, enabling exports to about 50 ports across the globe, and plans to acquire around 100 customers from North America within the next year.