Scimplify, a leading platform specializing in sourcing and manufacturing specialty chemicals, has successfully raised Rs 59 crore ($7 million) as part of its Series A funding round. This significant funding round was spearheaded by Omnivore, a well-known venture capital firm, with participation from other key investors including 3One4 Capital, Beenext Asia, and Bertelsmann.
According to regulatory filings with the Registrar of Companies, the Series A funding round involved the issuance of 17,514 Series A CCPS (Compulsorily Convertible Preference Shares) at an issue price of Rs 33,676 each. Omnivore led the investment with 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.
Founded by Salil Srivastava and Sachin Santhosh in 2023, Scimplify has quickly established itself as a critical player in the B2B fulfillment sector. The platform spans the entire product life cycle, from contract research to commercial chemical manufacture, serving various industries such as pharmaceuticals, personal care, and agrochemicals. Scimplify’s product portfolio includes emulsifiers, plant growth stimulants, biostimulants, adjuvants, and biofertilizers.
This latest funding round brings Scimplify’s total raised to approximately $11 million, including a seed round of $3.67 million led by 3One4 Capital and Beenext last year. Data intelligence platform TheKredible estimates the post-allotment valuation of Scimplify at around Rs 320 crore, or roughly $39 million.
Competitors in the specialty chemicals space include Atomgrid, which recently secured $1.2 million in a seed round led by Merak Ventures, and Covvalent, which raised $4.3 million led by Nexus Venture Partners. Despite the competition, Scimplify’s comprehensive approach to chemical manufacturing and its strong investor backing position the startup for significant growth and innovation in the sector.
This successful Series A funding round is expected to bolster investor confidence in Scimplify’s business model and its potential to make a substantial impact on the specialty chemicals market. The newly infused capital will likely be used to enhance the company’s technological capabilities, expand its product offerings, and scale operations to meet growing demand across various industries.