The startup intends to use the capital to grow its in-house R&D infrastructure, increase worldwide outreach, construct a supply chain tech platform, and hire teams across the business development, R&D, and fulfillment departments. Atomgrid, founded by IIT-BHU alumni Lakshit Bansal, Siddharth Gupta, and Pratik Chowdhury, aims to position India as a hub for specialized chemicals.
As many global firms have progressively begun to demonstrate faith in India’s capacity to cater to the worldwide need for raw materials, the startup intends to capitalize on the opportunity and transform India into a prominent chemical manufacturing hub.
Atomgrid, a firm that manufactures and sources specialty chemicals, has raised INR 10 crore (about $1.2 million) in a seed fundraising round led by Merak Ventures.
Dexter Ventures, Upsparks, Point One Capital, and UniCards co-founders Nitin Gupta and Prateek Jindal also participated in the funding round.
The startup intends to utilize the new funding to grow its in-house R&D infrastructure, broaden its worldwide reach, create a supply chain tech platform, and hire teams in business development, research and development, and fulfillment.
Atomgrid was founded by IIT-BHU alumni Lakshit Bansal, Siddharth Gupta, and Pratik Chowdhury. It serves three industries: medicines, agriculture, and specialized chemicals for other purposes like as manufacturing.
It intends to establish itself as a hub for specialized chemicals and increase exports of such compounds from India.
According to Inc42, Gupta stated, “A vast global specialty chemical market combined with inefficiencies that we experience on a daily basis leads us to feel that we are solving the appropriate problem at Atomgrid. With this support, we are ready to advance our aim of empowering Indian chemical makers on a worldwide scale.”
According to the founders, their interactions with over 250 businesses revealed substantial problems for Indian manufacturers, such as inadequate access to research and development resources, worldwide distribution networks, effective raw material sourcing, and technology-driven solutions. These issues contribute to low capacity utilization and a limited presence in the export market.
Many multinational firms have recently begun to express confidence in India’s ability to meet global raw material needs. Similarly, Atomgrid intends to seize the opportunity and develop India into a leading chemical production hub.
According to a market research, China presently accounts for 15-17% of the world’s exportable specialty chemicals, while India accounts for only 1-2%, indicating that the country has significant room for growth and development.
Specialty chemicals are predicted to be India’s next big export pillar, growing at a CAGR of 12.2%.
