Scimplify, a B2B platform specializing in sourcing and manufacturing specialty chemicals, has raised ₹59 crore (approximately $7 million) in its Series A funding round. The investment was led by Omnivore, which contributed ₹24.7 crore. Other participants in the round include 3One4 Capital with ₹13.56 crore, Beenext Asia with ₹5.6 crore, and Bertelsmann with ₹14.82 crore.
The Series A funding involves the issuance of 17,514 Series A Compulsorily Convertible Preference Shares (CCPS) at an issue price of ₹33,676 per share. This funding round increases Scimplify’s total capital raised to about $11 million, including a $3.67 million seed round secured last year from 3One4 Capital and Beenext.
Founded in 2023 by Salil Srivastava and Sachin Santhosh, Scimplify operates across the product life cycle, from contract research to commercial chemical manufacturing. The platform serves various industries, including pharmaceuticals, personal care, and agrochemicals, and offers products such as emulsifiers, plant growth stimulators, biostimulants, adjuvants, and biofertilizers.
Following this funding round, Scimplify has been valued at approximately ₹320 crore (around $39 million), according to data from TheKredible. The company competes with other players in the sector, such as Atomgrid, which raised $1.2 million in its seed round in May, and Covvalent, which secured $4.3 million from Nexus Venture Partners.
The successful funding round positions Scimplify for further expansion and development in the specialty chemicals market.
Source: Entrackr
