October 5, 2024: Mstack, a US-based chemical manufacturing platform, has committed on Thursday that it has raised $40 million to accelerate its growth strategy across emerging markets in the Middle East, Latin America, and Asia, while reinforcing its foothold in the United States with strong focus on India.
Founded in 2022, Mstack provides mid-to-large scale enterprises with a comprehensive sourcing solution. The recent funding will power its research and development capabilities, particularly in India, where the company is gearing up to commercialize several new chemical products.
“Our R&D team in India is poised to commercialize multiple chemicals soon,” remarked Shreyans Chopra, the Founder of Mstack. He emphasized the company’s vision to establish advanced labs dedicated to innovation and intellectual property creation, offering custom formulations and process innovations via their on-demand platform.
With plans to diversify into agrochemicals and pharmaceuticals within the next 12-18 months, Mstack is set to capitalize on the growing demand for specialty chemicals. The company also intends to commercialize several proprietary molecules and formulations, marking a significant expansion of its product offerings.
Mstack commits to strengthen India R& D Team
As Mstack ventures into new territories, it remains acutely aware of the geopolitical dynamics affecting supply chains globally. “Geopolitical dynamics pose risks for supply chain disruptions in the global specialty chemicals market. With demand for these chemicals growing rapidly, there is a need to increase R&D investments and unlock new pockets of supply,” highlighted Bejul Somaia, a Partner at Lightspeed. This perspective highlights speciality chemical firm strategic approach to mitigating risks while ensuring a steady supply of high-demand products.
Mstack’s innovative platform allows buyers to source, test, ship, deliver, and track specialty chemicals in one seamless process. The company currently provides products across four key categories: oil and gas, coatings, water treatment, and home and personal care. This consolidation of operations not only enhances user experience but also positions Mstack as a reliable partner in a price-sensitive market.
Having previously secured an undisclosed amount in seed funding in June 2022, the speciality chemical firm is now well-equipped to capture market share by offering preferential pricing and a secure supply chain that mitigates geopolitical risks. The recent funding marks a pivotal moment in Mstack’s journey, paving the way for significant advancements in both product development and market reach.
With a clear vision for expansion and a robust strategy to address the complexities of the global specialty chemicals market, speciality chemical firm is poised to become a formidable player in the industry. As it embarks on this ambitious growth trajectory, the focus on innovation and strategic partnerships will be crucial in navigating the challenges ahead.
The latest funding round was co-led by Lightspeed and Alphawave, alongside support from HSBC Innovation Banking and several angel investors.
