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.
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. 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.