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UAE-headquartered venture capital platform invests in $7.7 million Series A funding for India-based, R&D-led specialty chemicals company, Distil
Strategic investor support reflects compelling growth opportunities in India’s speciality chemicals sector
Distil plans expansion into the US, Middle East and Africa to capitalize on high-growth markets, shifting supply chains, and value chain inefficiencies
Builds on Crescent Enterprises’ long-standing track record of pioneering investments in transformative businesses
Sharjah, United Arab Emirates – 23 September 2025 – CE-Ventures, the corporate venture capital platform of Crescent Enterprises, today announced its participation in the $7.7 million Series A funding round for India-based, research and development-led specialty chemicals company, Distil. Distil’s fundraise was led by CE-Ventures and Singapore-based Jungle Ventures with participation from strategic investors Rubamin, PI Industries Vice Chairperson Mayank Singhal, and India Quotient. This brings Specialty Chemicals Platform Distil’s total funding to date to $10.8M.
Distil was founded by Atanu Agarrwal and Viraj Shah to tackle inefficiencies in the chemicals value chain. India has thousands of small and mid-sized plants running at partial capacity with limited in-house R&D or technical sales. Distil partners with these manufacturers, adds research and application expertise, and supplies chemicals that can compete with global leaders on quality while remaining cost competitive. Its portfolio includes wetting agents, binders, titanium dioxide and emulsions used in paints, plastics, and construction materials.
“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,” said Sudarshan Pareek, Senior Vice President at CE-Ventures.
“Distil was founded to build a global institution in specialty 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.”
The global specialty chemicals industry is worth over $800Bn and growing at more than 6% CAGR. India’s growth is outpacing the global average, with exports expanding at 18%+ CAGR amidst production shifts from China to India. Distil aims to capture this shift through its R&D-led, asset-light model, partnering with underutilized domestic plants and upgrading them into globally competitive hubs.
“When we first partnered with Distil at seed through First Cheque@Jungle, we saw a team well-positioned to ride one of the biggest supply chain shifts of our time,” said Rishab Malik, Partner, Seed investments at Jungle Ventures. “In just over a year, they’ve built the R&D depth and market credibility to stand out in segments like paints & coatings and flavours & fragrances, and are already expanding into international markets such as the US and Middle East.”
The company expects to reach $25-30M 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 underutilized plants, scale their output up to five times, and further broaden its product range. The new funds will also support R&D expansion, global procurement, and technical sales, while helping Distil establish operations in the Middle East, Africa, and North America.
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.”
The financing brings on board investors with deep experience across chemicals and manufacturing, supporting Distil as it expands R&D and scales international operations. The strategic investors include Rubamin, a Gujarat-based chemicals leader and one of India’s largest players in strategic metals refining, battery recycling, and specialty chemicals. In addition, Mayank Singhal, Vice Chairperson & Managing Director of PI Industries – one of the world’s leading agrochemicals CDMOs – has also backed Distil.
This funding comes just over a year after the startup’s $3.1M Seed round led by Jungle Ventures through First Cheque@Jungle, the fund’s bespoke platform for partnering second-time founders and seasoned operators. Distil has since grown from pre-revenue to $7M in annual sales, serving over 100 enterprise customers and building a 19-member team of scientists and engineers.
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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 Crescent Enterprises
Crescent Enterprises is a multinational company based in the United Arab Emirates (UAE) with strategic investments across sectors. Established in 2007, the business comprises a diversified group of 57 subsidiaries, affiliates, and investments across 19 countries, and employs more than 1,600 people.
The corporate structure has four platforms: CE‑Operates, CE‑Invests, CE‑Ventures, and CE‑Creates. The platforms span various business sectors, including ports, logistics, food and beverages, healthcare, life sciences, and business aviation. They also include business verticals, such as private equity, venture capital, and business incubation.
Crescent Enterprises is a subsidiary of Crescent Group, a family-owned business shaping the MENA region’s economy for over 50 years.
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.
About Jungle Ventures
Jungle Ventures is a Singapore-based venture capital firm focused on early to growth-stage companies in Southeast Asia and India, with a focus on building long lasting businesses. Jungle partners with the region’s most exciting founders to build high growth, capital-efficient technology businesses, and supports their growth from seed to unicorn, and IPO stage. The portfolio includes regional and global category leaders like Kredivo, Moglix, Livspace, Atomberg, and more.
First Cheque@Jungle is Jungle’s bespoke platform for partnering with second-time founders and seasoned operators at the idea, pre-seed, and seed stages. By focusing exclusively on their journey, the platform creates a capital and support roadmap that is both personally relevant and significantly impactful. First Cheque@Jungle invests with no minimum ownership requirements.
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