Mumbai-based Elchemy, a cross-border specialty chemical distribution platform, has raised $5.6 million (approximately ₹47 crore) in a funding round led by Prime Venture Partners, with participation from its existing investor, InfoEdge Ventures. This latest funding comes after the startup’s seed round in 2022, where it secured $1.96 million.
Strategic Expansion and Tech Upgrades
The funds will be directed towards establishing a dedicated team in the US, bolstering technology leadership, and developing advanced supply chain visibility solutions. Elchemy’s co-founders, Hardik Seth and Shobhit Jain, emphasized the company’s commitment to leveraging proprietary technology to streamline quality management, real-time tracking, and documentation automation.
Global Reach with a Focus on North America
Founded in 2021, Elchemy specializes in enabling international buyers to discover and procure specialty chemicals from India and Southeast Asia. With a strong focus on exports, the platform simplifies supplier discovery, ensures product quality, and manages end-to-end fulfillment for buyers.
While Elchemy currently serves over 80 clients across the Middle East, Europe, and Latin America, its immediate growth strategy is centered on the North American market, where it aims to onboard around 100 customers within the next year. The company also facilitates exports to approximately 50 global ports.
A Unique Distribution-First Approach
Operating in a fragmented specialty chemicals market, Elchemy differentiates itself through its technology-driven, distribution-first approach. Its platform addresses key challenges faced by international buyers while enhancing efficiency for small and mid-sized chemical manufacturers in India, enabling them to expand their global footprint.
Market Potential
The specialty chemicals sector is poised for significant growth, and Elchemy’s innovative solutions position it as a critical player in the global supply chain. With its latest funding, Elchemy is well-equipped to accelerate its mission of simplifying cross-border chemical trade and driving export growth for Indian manufacturers.
