Elchemy Secures $5.6 Million for US Expansion & Tech

New Delhi, Nov 25 (PTI) Elchemy, a cross-border speciality chemical distribution platform, has raised USD 5.6 million (about Rs 47 crore) in a funding round led by early-stage venture capital firm Prime Venture Partners.

The funds will be used to create a dedicated US team to enhance service for North American clients, boost technological leadership, and invest in advanced supply chain visibility solutions, a company statement said.

The company also aims to expand its technology stack with improved quality management systems, real-time tracking features, and automated documentation processes.

"This funding will accelerate our tech investments enabling us to build the digital backbone of global specialty chemicals distribution," Elchemy co-founder Shobhit Jain said.

Founded in 2021 by chemical engineer Hardik Seth and software developer Shobhit Jain, the platform serves over 80 clients globally, facilitating exports to more than 50 ports worldwide.

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*BiteSpeed raises USD 3.5 million from Peak XV's Surge

BiteSpeed, an AI-powered Customer OS for e-commerce brands, has secured USD 3.5 million (about Rs 29.4 crore) in a funding round led by Peak XV's Surge, with participation from Whiteboard Capital, Gaurav Munjal (CEO, Unacademy), Aakash Anand (CEO, Bella Vita), and Dhruv Vohra (APAC Head, META), amongst others.

With the newly acquired funding, BiteSpeed intends to hire across its marketing, sales, and technical teams to facilitate global expansion into North America, Europe, the Middle East, and Southeast Asia.

Additionally, the company plans to enhance its research and development efforts in generative AI to improve its product offerings for e-commerce brands.

"This new funding round gives us the necessary ammunition to empower e-commerce brands with an AI-native marketing, support, and chatbots suite that unifies their customer engagement while driving over 25 per cent owned revenue growth.We're excited to scale our operations globally and make deeper R&D investments to further transform the e-commerce landscape," Vinayak Aggarwal, Founder & CEO of BiteSpeed, said.

Founded in 2019 by BITS Pilani graduates, the startup serves over 2,500 Shopify brands in more than 50 countries with a strong customer base in India, the Middle East, Southeast Asia (SEA), Europe, and North America. Its notable customers include Skybags, Ugaoo, and Zouk.