Scimplify, a leading platform specializing in the sourcing and manufacturing speciality chemicals, is set to raise $5 million in a new funding round. This funding comes just six months after the Bengaluru-based company’s previous round.
“Omnivore is spearheading this $5 million investment in Scimplify, with existing investors also increasing their stakes,” disclosed a source wishing to remain anonymous.
In its seed round in December last year, Scimplify secured $3.67 million from 3one4 Capital and Beenext.
Founded by Salil Srivastava and Sachin Santhosh, Scimplify is a B2B fulfilment platform that spans the entire product lifecycle, from contract research to commercial chemical manufacturing. The company caters to a range of industries including pharmaceuticals, personal care, and agrochemicals.
During its last fundraising effort, Scimplify announced plans to expand its reach to 20 countries and introduce four new categories in the speciality chemicals sector. Currently, the company operates manufacturing facilities in Karnataka, Hyderabad, and Gujarat.
“The deal is nearing completion and will likely value Scimplify between $20-25 million,” another source added.
Omnivore, impressed by Scimplify’s robust portfolio in agrochemicals, saw significant potential in the company. Scimplify’s offerings include emulsifiers, plant growth stimulators, biostimulants, adjuvants, and biofertilizers, according to its website.
Scimplify faces competition from Atomgrid and Covvalent. Bengaluru-based Atomgrid raised $1.2 million in a seed round led by Merak Ventures in May this year, while Covvalent garnered $4.3 million in November 2022, led by Nexus Venture Partners.
In June 2023, Omnivore announced the first close of its third fund at $150 million, aimed at making 25-30 new seed investments and Series A rounds. Omnivore’s portfolio includes notable companies such as DeHaat, Arya, Stellapps, Reshamandi, Ecozen, Aquaconnect, and Pixxel.
With this new funding, Scimplify is poised further to solidify its position in the speciality chemicals market, driving innovation and expansion across its global operations.
