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Chemical manufacturing platform Mstack on Thursday said it has raised $40 million in a round co-led by Lightspeed and Alphawave, along with a debt facility from HSBC Innovation Banking and infusion from angel investors. 

US-based Mstack plans to use the capital to expand its operations across the Middle East, Latin America and Asia while strengthening its presence in the United States and its other key markets. 

“Our R&D team in India is poised to commercialize multiple chemicals soon. Future plans include establishing advanced labs to drive innovation and IP creation, while offering custom formulations and process innovation through our on-demand platform,” noted Shreyans Chopra, Founder at Mstack. 

With this infusion, Mstack plans to venture into agrochemicals and pharmaceuticals in the next 12-18 months. It is also looking to commercialise several proprietary molecules and formulations. 

“Geopolitical dynamics pose risks for supply chain disruptions in the global specialty chemicals market. With demand for these chemicals growing rapidly, there is a need to increase R&D investments and unlock new pockets of supply,” highlighted Bejul Somaia, Partner at Lightspeed. 

Mstack, which was founded in 2022, offers mid-to-large scale enterprises a full-stack solution for sourcing specialty chemicals through a reliable supply chain that is secure against geopolitical disruptions allowing it to capture wallets from price-sensitive buyers across the world with preferential pricing. It had an undisclosed seed funding round in June 2022, according to Tracxn. 

It has consolidated its operations into a single platform, allowing buyers to source, test, ship, deliver, and track all of their specialty chemicals in one place. It currently offers products in four categories: oil and gas, coatings, water treatment, and home and personal care.