CE-Ventures, the corporate venture capital platform of Crescent Enterprises, today announced its participation in the $7.7 million Series A funding round for India-based, research and development-led speciality chemicals company, Distil. Distil’s fundraise was led by CE-Ventures and Singapore-based Jungle Ventures with participation from strategic investors Rubamin, PI Industries Vice Chairperson Mayank Singhal, and India Quotient. This brings Distil’s total funding to date to $10.8M.
Distil was founded by Atanu Agarrwal and Viraj Shah to tackle inefficiencies in the chemicals value chain. India has thousands of small and mid-sized plants running at partial capacity with limited in-house R&D or technical sales. Distil partners with these manufacturers, adds research and application expertise, and supplies chemicals that can compete with global leaders on quality while remaining cost competitive. Its portfolio includes wetting agents, binders, titanium dioxide and emulsions used in paints, plastics, and construction materials.
“CE-Ventures sees significant opportunity in India’s speciality chemicals sector, supported by strong sectoral tailwinds, India’s cost competitiveness, and favourable government initiatives. From our very first meeting, we were impressed by Atanu and Viraj’s clarity of vision and the pace of their execution. Their R&D-led, asset-light model can position the company as a new benchmark for how Indian innovators can compete globally, and we are excited to support Distil in building an internationally competitive platform,” said Sudarshan Pareek, Senior Vice President at CE-Ventures.
“Distil was founded to build a global institution in speciality chemicals from India,” said Atanu Agarrwal, Co-founder & CEO at Distil. “Our vision is to harness India’s world-class manufacturing capabilities, technical talent, and rising global importance to compete head-to-head with the world’s leading chemical majors.”
The global speciality chemicals industry is worth over $800Bn and growing at more than 6% CAGR. India’s growth is outpacing the global average, with exports expanding at 18%+ CAGR amidst production shifts from China to India. Distil aims to capture this shift through its R&D-led, asset-light model, partnering with underutilised domestic plants and upgrading them into globally competitive hubs.
“When we first partnered with Distil at seed through First Cheque@Jungle, we saw a team well-positioned to ride one of the biggest supply chain shifts of our time,” said Rishab Malik, Partner, Seed investments at Jungle Ventures. “In just over a year, they’ve built the R&D depth and market credibility to stand out in segments like paints & coatings and flavours & fragrances, and are already expanding into international markets such as the US and Middle East.”
The company expects to reach $25-30M in topline revenue and breakeven in the next 12 months while laying the foundation for longer-term growth. Over the next five years it plans to acquire underutilised plants, scale their output up to five times, and further broaden its product range. The new funds will also support R&D expansion, global procurement, and technical sales, while helping Distil establish operations in the Middle East, Africa, and North America.
Viraj Shah, Co-founder & COO at Distil, added: “This round brings us investors who understand chemicals deeply and share our belief in an R&D-led, asset-light model. Their partnership strengthens our ability to scale faster, innovate continuously, and move closer to our ambition of becoming a trusted global partner by 2030.”
The financing brings on board investors with deep experience across chemicals and manufacturing, supporting Distil as it expands R&D and scales international operations. The strategic investors include Rubamin, a Gujarat-based chemicals leader and one of India’s largest players in strategic metals refining, battery recycling, and speciality chemicals. In addition, Mayank Singhal, Vice Chairperson & Managing Director of PI Industries – one of the world’s leading agrochemicals CDMOs – has also backed Distil.
This funding comes just over a year after the startup’s $3.1M Seed round led by Jungle Ventures through First Cheque@Jungle, the fund’s bespoke platform for partnering second-time founders and seasoned operators. Distil has since grown from pre-revenue to $7M in annual sales, serving over 100 enterprise customers and building a 19-member team of scientists and engineers.
