Speciality Chemicals Platform
Distil
The campaign has raised $3.1 Million in a
Seed funding
Round led by
Jungle Ventures
You can also find out more about the following:
India Quotient
Other investors also participate.
According to a joint press release issued by the venture capital firm Distil and Jungle Venture on Thursday, this is the first seed investment made by Jungle Venture in India since its launch of the First Cheque@Jungle program, which aims to invest at least $2,000,000 in startups at the idea stage to the seed phase.
Distil will use the money to expand teams in sales, research and product development and other areas. The company plans to create proprietary products and establish its position as a
Specialty Chemicals
Franchise in the life science segment, including flavours, fragrances, food, pharmaceuticals, and personal care.
The startup is aiming to serve both the Indian market and international markets, such as the US and European Union as well as the Middle East and North Africa.
Distil, founded by IIT-Bombay graduates Atanuu agarrwal Karan Hirani, and Viraj shah, offers fully customisable, scalable solutions via a tech-enabled platforms for the procurement of specialty chemicals.
According to the company it addresses issues like inefficiencies, including fragmentation, with multiple intermediaries. Unreliable quality, lengthy lead times, challenges presented by minimum order quantities, and lack of alternative, faced by the specialty chemicals segment.
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Distil’s custom manufacturing and tailored formulations are designed to help manufacturers meet regulatory and performance requirements. Singapore-based Jungle Venture invests 50% in equity and the remaining half in convertible notes. There is no cap on the value of the notes when they are converted into equity.
“Their focus on solving challenges in supply chains through R&D, technology and innovation aligns perfectly with the investment philosophy we follow.” The founding team is extremely strong, with a mixture of seasoned operators who have over 15 years’ experience in the specialty chemicals domain, said Rishab malik, partner at Jungle Ventures.