CE-Ventures, the corporate venture capital platform of Sharjah-based Crescent Enterprises, has announced its participation in a $7.7 million Series A funding round for Distil, a research and development-led speciality chemicals company based in India. The funding round was co-led by CE-Ventures and Singapore-based Jungle Ventures, with participation from strategic investors including Rubamin, PI Industries Vice Chairperson Mayank Singhal, and India Quotient. This latest investment brings Distil’s total funding to $10.8 million.
Strategic Investment In A High-Growth Sector
The investment marks a significant move by CE-Ventures into India’s burgeoning speciality chemicals sector, which is benefiting from strong sectoral tailwinds and favorable government initiatives. Distil aims to address inefficiencies in the chemicals value chain by partnering with small and mid-sized manufacturing plants, enhancing them with research and application expertise to compete on a global scale.
“CE-Ventures sees significant opportunity in India’s speciality chemicals sector, supported by strong sectoral tailwinds, India’s cost competitiveness, and favourable government initiatives,” said Sudarshan Pareek, Senior Vice President at CE-Ventures. “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.”
Distil’s Innovative Asset-Light Model
Founded by Atanu Agarrwal and Viraj Shah, Distil operates by collaborating with thousands of small and mid-sized plants in India that often run at partial capacity with limited in-house R&D. Distil provides the necessary research and technical sales capabilities, enabling these partners to produce high-quality chemicals for industries like paints, plastics, and construction materials that are both globally competitive and cost-effective. In just over a year since its seed round, the company has grown from pre-revenue to $7 million in annual sales, serving over 100 enterprise customers.
“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.”
Fueling Global Expansion Into MENA
The new capital will be instrumental in fueling Distil’s next phase of growth, which includes expanding its research and development capabilities, enhancing global procurement, and building out its technical sales force. A key part of the company’s strategy is to establish operations in high-growth international markets, including the Middle East, Africa, and North America. The company projects it will reach $25-30 million in revenue and achieve breakeven within the next 12 months, with a long-term plan to acquire underutilized plants and scale their output significantly.
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.”
About CE-Ventures
CE-Ventures is the corporate venture capital platform of Crescent Enterprises, and invests in transformative businesses across industries, including consumer, deep-tech and biotech. CE-Ventures back visionary entrepreneurs by providing capital, resources, and a global network to build and scale exceptional businesses that drive long-term value.
About Distil
Distil is a speciality chemicals company based in India. Founded in 2021 by Atanu Agarrwal and Viraj Shah, the company develops advanced chemicals for paints & coatings, plastics, and construction materials, using an R&D-driven, asset-light model that leverages India’s underutilized manufacturing capacity. Distil is backed by Jungle Ventures, CE-Ventures, India Quotient, and other strategic investors.
Source: Zawya
