New Delhi, Sep 23 (PTI) Chemical manufacturing firm Distil on Tuesday said it has raised USD 7.7 million (Rs 68 crore) in a series A funding round led by Singapore’s Jungle Ventures and the UAE’s CE-Ventures,
with participation from Rubamin, PI Industries Vice Chairperson Mayank Singhal, and India Quotient.
The latest fund infusion brings Distil’s total funding to date to USD 10.8 million. The financing will support the Mumbai-based firm’s R and D expansion and global push into the US, Middle East and Africa, the company said in a statement.
“The company expects to reach USD 25-30 million in topline revenue and breakeven in the next 12 months while laying the foundation for longer-term growth. Over the next five years, it plans to acquire underutilised plants, scale its output up to five times, and further broaden its product range. The new funds will also support R and D expansion, global procurement, and technical sales, while helping Distil establish operations in the Middle East, Africa, and North America,” the company said.
Distil is an R and D-led, asset-light manufacturer delivering sophisticated chemicals for industries like paints and coatings, plastics, and construction chemicals. PTI ANK ANK DR
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