Distil Raises $7.7M Series A to Fuel Global Expansion in Speciality Chemicals

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Distil, a startup specializing in speciality chemicals, has raised $7.7 million in Series A funding. The company aims to use the funds to ramp up R&D, build global operations—including in the US, Middle East, and Africa—and strengthen sales. Supported by industry-specific investors, Distil has grown rapidly and targets $25-$30 million in revenue within a year.

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Distil Raises $7.7 Million Series A to Accelerate Global Growth

Distil, a fast-growing speciality chemicals startup, has successfully raised $7.7 million in Series A funding. This new injection of capital, following its earlier $3.1 million seed round, brings the company’s total funding to $10.8 million.

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Expansion Plans and Operational Focus

The Series A round was led by Singapore’s Jungle Ventures and the UAE-based CE-Ventures, with participation from prominent chemical and manufacturing investors like Rubamin (active in metals refining, battery recycling, and speciality chemicals) and Mayank Singhal, Vice Chairperson and Managing Director of PI Industries.

Distil, founded in 2021 by Atanu Agarrwal and Viraj Shah, specializes in developing speciality chemicals for paints, coatings, plastics, and construction materials, leveraging an R&D-driven, asset-light model. With the new capital, the startup plans to:

• Boost research and development capabilities
• Strengthen procurement and technical sales teams
• Establish operations in the United States, Middle East, and Africa
• Acquire underutilized plants over the next five years

Rapid Growth and Ambitious Targets

In just over a year, Distil has reached $7 million in annual sales and now serves more than 100 enterprise customers. Its team includes 19 scientists and engineers, highlighting its commitment to innovation. Distil aims to achieve revenue of $25 million to $30 million and break-even within 12 months.

Rishab Malik, Partner for Seed Investments at Jungle Ventures, noted, “In just over a year, they have built the R&D depth and market credibility to stand out in segments like paints and coatings and flavours and fragrances, and are already expanding into international markets such as the US and Middle East.”

Speciality Chemicals: A Booming Global Industry

The global speciality chemicals industry is valued at over $800 billion and is growing at more than 6% annually. India, in particular, is experiencing faster-than-global growth with exports rising over 18% due to a production shift from China. Distil aims to capitalize on these market trends, positioning itself as a leading innovator and supplier.

Looking Ahead

With its new funding and ambitious targets, Distil is well-placed to play a significant role in the global speciality chemicals market. By focusing on R&D and international expansion, the company seeks to address both local and global demands, paving the way for sustainable and substantial growth in the years to come.

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