Specialty chemical startup Distil raises $7.7 million led by Singapore’s Jungle Ventures, CE-Ventures

Distil, a homegrown research and development-led specialty chemicals startup, has raised $7.7 million in a Series A funding round led by Singapore’s Jungle Ventures and UAE-based CE-Ventures, the corporate venture capital arm of Crescent Enterprises. 

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Strategic investors Rubamin, PI Industries Vice Chairperson Mayank Singhal, and India Quotient also participated. With this round, Distil’s total funding stands at $10.8 million, following its $3.1 million seed raise last year through Jungle Ventures’ First Cheque@Jungle platform.

The new capital will support the startup's R&D expansion, global procurement, and technical sales, as well as its push into international markets across the Middle East, Africa, and North America. Distil is also exploring acquisitions of underutilised plants to expand production capacity and aims to increase its output fivefold over the next five years.

Founded in 2021 by Atanu Agarrwal and Viraj Shah, Distil develops advanced specialty chemicals such as wetting agents, binders, titanium dioxide, and emulsions, which are used in paints, plastics, and construction materials. Its R&D-first, asset-light model allows it to leverage India’s underutilised manufacturing capacity to scale production without significant capital expenditure.

The startup claims to have grown rapidly from pre-revenue to $7 million in annual sales, serving over 100 enterprise customers with a 19-member R&D and engineering team.

Atanu Agarrwal, Co-founder & CEO at Distil, said, “Distil was founded to build a global institution in specialty chemicals from India. 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.”

Viraj Shah, Co-founder & COO at Distil, said, “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.”

Sudarshan Pareek, Senior Vice President at CE-Ventures, said, “CE-Ventures sees significant opportunity in India’s specialty 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.”