Mumbai-based chemical distribution company Elchemy secured $5.6 million in Series A funding, according to reporting by The Economic Times. Prime Venture Partners, which invests in early-stage Indian startups, led the round. Returning investor InfoEdge Ventures also contributed.
Elchemy provides businesses in industries such as personal care and cosmetics with solutions for sourcing raw materials and supply chain management along with custom chemical formulation expertise. Combined with the approximately $2 million Elchemy raised in 2022, the latest backing brings the company’s total funding to $7.6 million.
Co-founder Hardik Seth told The Economic Times the company is investing in hiring sales team members based out of North America. The funds will also help Elchemy boost its tech leadership and incorporate quality management, real-time tracking and automation capabilities into its proprietary tech stack.
