Scimplify, a Bengaluru-based platform specializing in the sourcing and manufacturing of specialty chemicals, is poised to raise $5 million in a new funding round. This development comes just six months after the company’s previous funding round.
Key Investors
Omnivore is leading this new investment round, with existing backers also increasing their stakes. In its seed round last December, Scimplify raised $3.67 million from 3one4 Capital and Beenext.
About Scimplify
Founded by Salil Srivastava and Sachin Santhosh, Scimplify operates as a B2B fulfillment platform that spans the entire product lifecycle, from contract research to commercial chemical manufacturing. The company serves a range of industries, including pharmaceuticals, personal care, and agrochemicals.
Expansion Plans
During its last funding round, Scimplify announced plans to expand its reach to 20 countries and introduce four new categories in the specialty chemicals sector. The company currently operates manufacturing facilities in Karnataka, Hyderabad, and Gujarat.
Valuation and Product Portfolio
The upcoming deal is expected to value Scimplify between $20-25 million. Omnivore has shown significant interest in Scimplify’s robust agrochemical portfolio, which includes emulsifiers, plant growth stimulators, biostimulants, adjuvants, and biofertilizers.
Competitors and Market Context
Scimplify faces competition from Atomgrid and Covvalent. Atomgrid, based in Bengaluru, raised $1.2 million in a seed round led by Merak Ventures in May 2023. Covvalent secured $4.3 million from Nexus Venture Partners in November 2022.
Omnivore’s Involvement
In June 2023, Omnivore announced the first close of its third fund at $150 million, aimed at making 25-30 new seed investments and Series A rounds. Omnivore’s portfolio includes companies like DeHaat, Arya, Stellapps, Reshamandi, Ecozen, Aquaconnect, and Pixxel.
Future Prospects
With this new funding, Scimplify aims to further solidify its position in the specialty chemicals market, driving innovation and expansion across its global operations. The company’s focus on comprehensive lifecycle services and its diverse product offerings make it a key player in the industry.
Conclusion
Scimplify’s new funding round, led by Omnivore and supported by existing investors, marks a significant step in the company’s growth trajectory. As it continues to expand its reach and innovate within the specialty chemicals sector, Scimplify is well-positioned to capitalize on the increasing demand for advanced chemical solutions.
