Atomgrid Secures INR 10 Crore to Boost Export of Specialty Chemicals

• ByStartupStory     |    May 9, 2024

Atomgrid, a promising startup specializing in the production and sourcing of specialty chemicals, has successfully secured INR 10 crore (approximately $1.2 million) in a seed funding round. The investment was led by Merak Ventures, with contributions from Dexter Ventures, Upsparks, Point One Capital, and co-founders of UniCards, Nitin Gupta and Prateek Jindal.

The fresh capital infusion is earmarked for several strategic initiatives aimed at enhancing Atomgrid’s operations and global footprint. The company plans to invest in expanding its in-house research and development infrastructure, develop a technology-driven supply chain platform, and bolster its business development, research, and fulfillment teams.

Founded by IIT-BHU alumni Lakshit Bansal, Siddharth Gupta, and Pratik Chowdhury, Atomgrid operates within the medicinal, agricultural, and various manufacturing sectors, providing specialty chemicals tailored to each field. The company’s ambitious vision is to transform India into a central hub for specialty chemicals and to expand its export capabilities significantly.

Siddharth Gupta, one of the founders, highlighted the motivation behind their mission in a statement to Inc42: “A vast global specialty chemical market combined with inefficiencies that we experience on a daily basis leads us to feel that we are solving the appropriate problem at Atomgrid. With this support, we are ready to advance our aim of empowering Indian chemical makers on a worldwide scale.”

The founders, after interacting with over 250 businesses, identified several critical challenges faced by Indian manufacturers, including limited access to R&D resources, global distribution networks, effective raw material sourcing, and technology integration. These challenges have historically hindered capacity utilization and restricted the presence of Indian companies in the global export markets.

The opportunity for growth is substantial, as current market analyses show that China accounts for 15-17% of global specialty chemical exports, whereas India holds a modest 1-2%. With the global specialty chemical market poised to grow at a CAGR of 12.2%, Atomgrid is well-positioned to play a pivotal role in positioning India as a major player in this sector.

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