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[Funding News] Distil Secures $3.1 Mn seed Funding Round Led by Jungle Ventures and India Quotient

By Team VS
New Update
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Atanuu Agarrwal, CEO, Distil

Distil, an R&D-led specialty chemicals platform, announced it has secured $3.1 million in a Seed funding round today. This round was led by Jungle Ventures and India Quotient.

This is Jungle’s first India Seed investment since the launch of First Cheque@Jungle, its bespoke program for partnering with second-time entrepreneurs and seasoned operators at ideas, pre-seed, and seed stages.

Founded by IIT Bombay alumni Atanuu Agarwal, Karan Hirani, and Viraj Shah, Distil offers fully customizable and scalable solutions through a tech-enabled platform for the procurement of these specialty chemicals.

Read also - Unikon.ai Secures $2 Mn Seed Funding Round

The specialty chemicals value chain has traditionally been plagued with inefficiencies, including fragmentation with multiple intermediaries, unreliable quality, long lead times, challenges posed by minimum order quantities, and lack of alternatives, among others. Distil addresses these pain points at each stage of the value chain by leveraging the expertise of its founding team spanning specialty chemicals, supply chain, and finance.

Distil’s offerings, which include tailored formulations and custom manufacturing, are designed to help manufacturers meet specific performance and regulatory requirements. Its platform also provides a seamless, tech-enabled purchasing process, ensuring consistent product quality, meeting quantity requirements, and reducing lead times and MOQs through a robust network of stock points across the country.

Distil’s team currently includes dedicated scientists, engineers, and after-sales support staff. The newly secured capital will be used to expand its teams across sales, R&D, technical/procurement, marketing, and technology development. Additionally, Distil plans to develop proprietary products and establish itself as a trusted specialty chemicals franchise in the life sciences segment, including flavors and fragrances, food ingredients, pharma, and personal care, across India and key international markets such as the US, EU, and MENA region.

Atanuu Agarrwal, Co-founder and CEO, Distil, said: “At Distil, we recognize a once-in-a-generation opportunity to build a global leader in R&D-led specialty chemicals from India. The support from our partners and investors, particularly Jungle Ventures and India Quotient, marks a significant milestone as we scale our operations. We are grateful for their trust and excited about the journey ahead.”

Viraj Shah, Co-founder and COO, Distil, said: “Our deep understanding of the sector, combined with our entrepreneurial experience, equips us to build Distil on a foundation of innovation and customer-focused solutions. We appreciate our partners and investors' confidence in our vision to deliver exceptional products and services globally.”

Rishab Malik, Partner, Seed Investments, Jungle Ventures, said: “We are pleased to lead this funding round for Distil. Their focus on solving supply chain challenges through R&D and technology aligns perfectly with our investment philosophy. The founding team is exceptionally strong, with a mix of a second-time founder and seasoned operators of with over 15 years of experience in the specialty chemicals domain. The right founder profiles address a big problem. This is just the beginning with Distil and we are very excited to be part of their growth story.”

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Read the Next Article

Zopper has Raised $25 Mn in Series D round Funding

Zopper plans to use the fresh funding to strengthen its overall tech stack, including the insurance distribution platform. Zopper helps businesses sell insurance products by connecting them to ecosystem partners like ecommerce marketplaces.

By Aryan Sharma
New Update
Zopper has Raised $25 Mn in Series D round Funding

 Zopper is an insurtech firm based in Delhi NCR, has raised $25 million (about INR 211.2 crore) in a Series D funding round headed by Elevation Capital and Dharana Capital, with Blume Ventures, an existing investor, also participating. 

Purpose of fundraising

With the additional funds, the business intends to fortify its whole technology stack, including the platform for distributing insurance.

Read Also - CredFlow raises $3.7 Million in Pre-Series B Round Funding 

Furthermore, according to a statement from the company, a portion of the revenues will also be used to improve Zopper's device and appliance protection business's post-sale and maintenance capabilities.

Furthermore, some of the funds have been set aside for investments in machine learning, artificial intelligence, data science, and data engineering.

In order to provide flawless customer support, the company is developing a modern policy administration system (PAS) that will make use of an up-to-date tech stack, effective algorithms, data management, and security features. 

Insurance companies and ecosystem partners provide Zopper with income. In order to deliver items to an ecosystem partner, it charges insurers a brokerage fee. 

Zopper Platform Offer

The Zopper platform allows ecosystem partners to handle issues pertaining to claims, endorsements, and post-sales, among other things. Every policy that passes through this specific conduit generates revenue for Zopper.

The business, which has investors including Creaegis, Bessemer Venture Partners, and ICICI Venture, says it has raised $100 million so far. In 2022, Creaegis led Zopper's $75 million Series C fundraising round.

It serves well-known brands including Amazon, Ola, Xiaomi, Croma, Hitachi, Equitas Small Finance Bank, and Chaitanya, and it is present in over 1,200 cities around India.

The investment in Zopper coincides with a boom in the Indian insurtech business, which is expected to reach a valuation of $307 billion by 2030. 

Additionally, investors are becoming more interested in domestic insurtech businesses. For example, Onsurity closed its Series B round at $45 million in September after raising an additional $21 million, headed by the private equity firm Creaegis.

Before that, Square Insurance, a Jaipur-based company, received $3 million in pre-series A fundraising in August from investors such as Negen Capital and BizDateUp.

About Zopper

Zopper is an embedded platform for insurance sales that was founded in 2011 by Surjendu Kuila and Mayank Gupta. Through its unique embedded insurance API suite, it assists major insurance companies in connecting with ecosystem partners, such as e-commerce marketplaces. 

Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:

Startup Success Stories: Discover inspiring tales of startups overcoming challenges and achieving success.

Funding Startup News: Stay updated with the latest news and trends in startup funding and investment.

Startup Insights: Dive into in-depth analyses of various industries and market trends to make informed business decisions.

Tags: Zopper