Covvalent, a platform for specialty chemicals, raises $4.3 million in a seed round that was co-led by Nexus Venture Partners.
The round included notable angel investors and founders like Vishal Chaudhary (Co-founder, Zetwerk), Ramakant Sharma (Founder, Livspace), Rajesh Yabaji (Founder, BlackBuck), Rehan Khan (MD, MSD India Region), Jawaid Iqbal, Anubhav and Ankit Singh (Co-founders, Rupifi), and Kaushal Soparkar (Founder, Meghmani Group).
The company stated that it would use the funds to expand its product and business teams and sharpen its technological tools to guarantee an exact match between client requirements and a supplier’s output. The company said that these capabilities also provide a best-in-class cross-border shopping experience, including prompt product delivery and total supply chain visibility.
Anand Datta, Nexus Venture Partners, said, “The global supply chain for specialty chemicals is ripe for disruption – new production centres and more efficient supply chains will emerge, enabled by technology. In Sandeep and Arush, we see a unique mix of a tech-first approach supported by operational and domain expertise to exploit these opportunities uniquely.”
Sandeep Singh, a graduate of Harvard Business School and IIT Kharagpur, and Arush Dhawan, a graduate of IIM-Ahmedabad and IIT-Kharagpur, founded the company in 2022. The core team claims to have experience in the operation of specialised chemicals and a thorough grasp of the difficulties.
Sandeep, Co-founder of Covvalent, said, “Covvalent is solving the problem of a fragmented ecosystem in the specialty chemicals space with a vision to be the most trusted partner for its buyers and their procurement needs. We plan to deliver solutions for our customers by integrating technology with strong on-ground operations, assuring timely delivery and quality.”
The market for specialised chemicals is estimated to be worth an incredible $800 billion and to be expanding at a rate of about 6% yearly by the start-up. New products, trade conflicts, and COVID difficulties have made it necessary to build a resilient supply chain and find alternative sources of funding.