Distil raises $7.7 million in Series A funding led by Jungle Ventures, CE-Ventures
Summary
Distil, a research and development-led speciality chemicals company, has raised $7.7 million in Series A funding led by Jungle Ventures and UAEs CE-Ventures, the corporate venture capital platform of Crescent Enterprises,The round also saw participation from strategic investors Rubamin, PI Industries Vice Chairperson Mayank Singhal, and India Quotient. In addition, Mayank Singhal, Vice Chairperson & Managing Director of PI Industries - one of the worlds leading agrochemicals CDMOs - has also backed Distil.Founded in 2021 by Atanu Agarrwal and Viraj Shah Distil develops speciality chemicals for paints and coatings, plastics and construction materials, using an R&D-led, asset-light model. Its portfolio includes wetting agents, binders, titanium dioxide and emulsions used in paints, plastics and construction materials.Distil was founded to build a global institution in specialty chemicals from India, said Atanu Agarrwal, Co-founder & CEO at Distil. The new funds will also support R&D expansion, global procurement, and technical sales, while helping Distil establish operations in the Middle East, Africa,and North America.Viraj Shah, Co-founder & COO at Distil, added: This round brings us investors who understand chemicals deeply and share our belief in an R&D-led, asset-light model. Their partnership strengthens our ability to scale faster, innovate continuously and move closer to our ambition of becoming a trusted global partner by 2030.This funding comes just over a year after the startups $3.1 million seed round led by Jungle Ventures through First Cheque@Jungle, the funds platform for partnering second-time founders and seasoned operators.Distil has since grown from pre-revenue to $7 million in annual sales, serving over 100 enterprise customers and building a 19-member team of scientists and engineers.