, a speciality chemical distribution platform, has raised $5.6 million in a Series A funding round led by Prime Venture Partners. The round also saw participation from existing investor InfoEdge Ventures.
The company plans to use the funds to establish a dedicated team in the United States to better serve its North American customers, strengthen its tech leadership, and invest in advanced supply chain visibility solutions.
The tech-driven cross-border platform plans to expand its proprietary technology stack to include enhanced quality management systems, real-time tracking capabilities, and automated documentation processes, said Elchemy in a release.
Founded in 2021 by chemical engineer Hardik Seth and software developer Shobhit Jain, Elchemy currently serves over 80 clients globally. It has a particularly strong presence in North America.
“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,” said Hardik Seth, Co-founder of Elchemy.
Elchemy’s platform has successfully facilitated speciality chemical exports to more than 50 ports globally, establishing itself as a trusted platform that helps international buyers discover and source speciality chemicals from India and Southeast Asia. On the supply side, Elchemy has partnered with emerging manufacturers and large publicly listed chemical companies.
“Elchemy’s unique distribution-first approach in the highly fragmented speciality 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,” added Amit Somani, Managing Partner at Prime Venture Partners.
