India, November 25, 2024: Elchemy, a tech-driven cross-border specialty chemical distribution platform, today announced the successful completion of its $5.6 million Series A funding round. The round was led by Prime Venture Partners, along with participation from existing investor InfoEdge Ventures.
Founded in 2021 by chemical engineer Hardik Seth and a software developer Shobhit Jain, Elchemy is revolutionizing the $800 billion specialty chemicals market through its technology-first approach. The company has demonstrated remarkable growth, serving over 80 clients globally, with a particularly strong presence in North America. Elchemy’s platform has successfully facilitated specialty chemical exports to more than 50 ports globally, establishing itself as a trusted platform that helps international buyers discover and source specialty chemicals from India and Southeast Asia. On the supply side, Elchemy has partnered with emerging manufacturers and large publicly listed chemical companies.
Hardik Seth, Co-founder of Elchemy, said, “This Series A funding validates our innovative approach to solving complex supply chain challenges in the specialty chemicals industry. With the support of Prime Venture Partners and InfoEdge Ventures, we are well-positioned to enhance our technological capabilities and expand our global footprint, particularly in North America, where we see tremendous growth potential. We want to continue to be cross-border given the size of the opportunity.”
Since raising $2 million in its seed round led by InfoEdge Ventures in 2022, Elchemy has built a robust platform that addresses critical pain points in specialty chemical distribution. The company’s end-to-end fulfillment capabilities, including supplier discovery, quality assurance, and cross-border logistics, have resulted in consistently high customer satisfaction rates through on-time, in-full deliveries.
Shobhit Jain, Co-founder of Elchemy, added, “Our technology platform is a core differentiator in the industry, which allows customers to procure, track orders and documents, get customer support – all from a single platform. We’ve also developed sophisticated applications for customer lifecycle management, freight optimization, and supply chain visibility. This funding will accelerate our tech investments enabling us to build the digital backbone of global specialty chemicals distribution.”
With this Series A funding, Elchemy will establish a dedicated team in the U.S. to better serve its North American customers, strengthen its tech leadership, and invest in advanced supply chain visibility solutions. The company plans to expand its proprietary technology stack to include enhanced quality management systems, real-time tracking capabilities, and automated documentation processes.
Amit Somani, Managing Partner at Prime Venture Partners, said, “Elchemy’s unique distribution-first approach in the highly fragmented specialty chemicals market sets them apart. The team has built a remarkable technology platform that not only solves critical pain points for international buyers but also enhances operational efficiency. Given the strong tailwinds from China+1 opportunities and “Make in India” initiatives, we believe Elchemy is well-positioned to become the tech-led global chemical distribution leaders in the speciality chemicals space.”
Kitty Agarwal, Partner at InfoEdge Ventures, said, “We’ve had the privilege of witnessing Hardik and Shobhit’s journey from Day 1, and have been consistently impressed by their clarity of thought, exceptional execution, and high bar for governance, that has earned the trust of their customers, suppliers, and investors alike. China+1 sourcing strategy for global buyers in specialty chemicals has become very much a reality now and Elchemy, as one of the first movers, is in a strong position to capitalize on this and become a global leader out of India over the next few years.”
About Elchemy
Elchemy is a technology-driven cross-border speciality chemicals distribution platform. Founded in 2021 by Hardik Seth and Shobhit Jain, Elchemy leverages cutting-edge technology to streamline supplier discovery, ensure quality, and manage end-to-end fulfillment for specialty chemicals. The company’s robust platform serves over 80 clients globally, facilitating exports to more than 50 ports worldwide. For more information, please visit www.elchemy.com.
About Prime Ventures
Prime Venture Partners is an early-stage VC fund started in 2012 with the objective of bringing Silicon Valley style professionalism to venture investing and building world class companies. The fund is led by Sanjay Swamy, Shripati Acharya & Amit Somani – partners with deep experience both as entrepreneurs and operators. Prime has a rich portfolio of category creating companies which includes startups like Quizizz, Wheelseye, MyGate, Niyo, Zuper and more. For more information, please visit www.primevp.in
About InfoEdge Ventures
InfoEdge Ventures is an early-stage VC fund backed by InfoEdge and Temasek. Over the past 4 years, they have partnered with over 60 early-stage, tech-enabled start-ups fueling the digital revolution and transforming consumers’ and businesses’ experiences through world-class solutions. Their notable investments include Zomato, Policybazaar, Shiprocket, Bluestone, Ixigo, Geniemode, TrueMeds and many more. For more information, please visit https://www.infoedgeventures.in/
