Scimplify, the large sourcing and manufacturing specialty chemicals platform, has raised Rs 59 crore ($7 million) as a part of its Series A funding round. This massive funding round was led by Omnivore, one of the most famous VC firms, while 3One4 Capital, Beenext Asia, and Bertelsmann were other key investors in this round.
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According to regulatory filings with the Registrar of Companies, price range for the Series A funding round was marked by issuance of 17,514 Series A CCPS (Compulsorily Convertible Preference Shares) at an issue price of Rs 33,676 each. Omnivore led the investment of Rs 24.7 crore, followed by 3One4 Capital at Rs 13.56 crore, Beenext Asia at Rs 5.6 crore, and Bertelsmann at Rs 14.82 crore.
Scimplify was founded by Salil Srivastava and Sachin Santhosh in 2023 and is fast building a reputation for itself as perhaps the most critical B2B fulfillment company. The platform works throughout the whole product life cycle: from contract research through to commercial chemical manufacture serving a wide array of industries such as pharmaceuticals, personal care, and agrochemicals. It produces emulsifiers, plant growth stimulants, biostimulants, adjuvants, and biofertilizers, among others.
This new funding round brings Scimplify’s total raised to about $11 million, including a seed round of $3.67 million led by 3One4 Capital and Beenext last year. According to data intelligence platform TheKredible, the post-allotment valuation is pegged around Rs 320 crore, or roughly $39 million.
Competitors to Scimplify include Atomgrid, which recently raised $1.2 million in a seed round led by Merak Ventures, and Covvalent, which has just secured funding of $4.3 million led by Nexus Venture Partners. Still, the holistic approach to chemical manufacturing taken by Scimplify, and the strong set of investors it has onboard, will propel the startup further on this trajectory of growth and innovation in the sector.
This successful Series A funding round is bound to instill belief in investors about Scimplify’s business model and its potential to make a huge impact in the specialty chemicals market. This infused capital is likely to be utilized toward further enhancing the technological capabilities of the company, increasing its product offerings, and scaling operations to meet growing demand across various industries.
This recent funding achievement thus becomes a turnpike event in their growth graph. With strong investor interest and a sharp vision for the future, Scimplify is poised to create giant leaps in the specialty chemicals segment through innovation and value creation for a myriad of clients.
