Distil Raises $7.7 Million in Series A Funding

Distil, a pioneering startup in specialty chemicals, has successfully obtained $7.7 million in Series A funding. This round was spearheaded by Jungle Ventures from Singapore and CE-Ventures from the UAE, which is the corporate venture capital platform of Crescent Enterprises. Notable strategic investors such as Rubamin, Mayank Singhal, Vice Chairperson of PI Industries, and India Quotient also participated in the funding. With this investment, Distil’s total funding has reached $10.8 million.

Funding for Strategic Growth

In June of the previous year, Distil raised $3.1 million in a seed funding round led by Jungle Ventures through their First Cheque@Jungle initiative. The latest funds will be utilised to broaden its product range, enhance partnerships with enterprises, and intensify research and development efforts for high-value industrial applications. Distil is also dedicated to improving its export pipeline as global manufacturers search for dependable and cost-effective alternatives in the specialty chemicals sector.

About Distil

Founded in 2021 by Atanu Agarrwal and Viraj Shah, Distil focuses on creating advanced specialty chemicals that find applications in paints, coatings, plastics, and construction materials. The company implements an R&D-focused, asset-light approach, capitalising on India’s underutilised chemical manufacturing capabilities to enhance production without incurring heavy capital expenditures.

Impressive Growth Trajectory

Distil asserts that it has experienced rapid growth, transitioning from pre-revenue status to achieving $7 million in annual sales. It now serves over 100 enterprise customers and boasts a 19-member team dedicated to research and development and engineering.

Market Landscape

Earlier this year, Scimplify, a sourcing and manufacturing platform for specialty chemicals, secured $40 million in a Series B funding round that was co-led by Accel and Bertelsmann India Investments. Distil faces competition from firms like Mstack, Atomgrid, Covvalent, and Elchemy.