Elchemy, a tech-driven cross-border specialty chemical distribution platform has raised $5.6 million in its Series A funding round led by Prime Venture Partners, along with participation from existing investor InfoEdge Ventures.
The fresh funding will be used to build its team in the US, strengthen its tech leadership, and invest in advanced supply chain visibility solutions. The company also plans to expand its proprietary technology stack to include enhanced quality management systems, real-time tracking capabilities, and automated documentation processes.
Previously, Elchemy raised $2 million in its seed round led by InfoEdge Ventures in 2022.
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.”
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.”
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.”
Founded in 2021 by Hardik Seth and Shobhit Jain, Elchemy provides end-to-end fulfillment capabilities, including supplier discovery, quality assurance, and cross-border logistics.
Elchemy currently serves over 80 clients globally, with a particularly strong presence in North America. Elchemy’s platform has 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.
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.
