Page 138 - CW E-Magazine (15-10-2024)

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GEARED FOR GROWTH

Speciality chemicals startup, Mstack Chemicals,

secures $40-mn funding

Mstack, a US-based custom manu- offers products in four categories:
facturing platform that helps buyers oil & gas, coatings, water treatment,
source high-quality specialty chemi- and home & personal care. With this
cals, has raised $40-mn as it looks to round of funding, Mstack is making
expand global operations. inroads into agrochemicals and pharma-
ceuticals, among other segments.
The company’s $40-mn Series A The company is now intensifying its
round was co-led by Lightspeed and chemicals market. Through its network focus on expanding its talent base in
Alpha Wave and included a debt faci- of capacities in regions like India, the the US, building a leadership team
lity from HSBC Innovation Banking Middle East, and Asia, Mstack offers across categories, and doubling down
as other angel investors. MStack said it “mid-to-large scale enterprises a full- on R&D.
plans to deploy the capital to expand its stack solution for sourcing special-
footprint across the Middle East, Latin ity chemicals through a reliable supply “This new funding enables us to
America and Asia, while continuing to chain that is secure against geopolitical expand geographically and intensify
strengthen its presence in the US and disruptions.” our R&D efforts. Our R&D team in
other geographies. India is poised to commercialise multiple
According to Mstack, it has been chemicals soon. Future plans include
Mstack was founded in 2022 by able to codify its entire operation into establishing advanced labs to drive in-
Mr. Shreyans Chopra, whose decision a single platform, allowing buyers novation and IP creation, while offering
to launch a cross-border brand in spe- to source, test, ship, deliver, and custom formulations and process innova-
ciality chemicals was inspired by the track all of their speciality chemicals tion through our on-demand platform,”
rapid growth in the global speciality in one place. The company currently said Mr. Chopra.

CONTRACT MANUFACTURING

Jubilant Ingrevia’s subsidiary secures $300-mn

contract for agro intermediate production

Jubilant Ingrevia Ltd. has announced production begins.
that its wholly-owned subsidiary, Jubi- “The company’s di-
lant Agro Sciences Ltd. (JASL), has versifi cation into
entered into a strategic agreement with agrosciences through
a prominent agrochemical company this agreement with
to manufacture an agro intermediate a leading agrochemi-
for one of the key actives of the custo- cal innovator under-
mer. The customer, a multibillion-dol- scores its commit-
lar company, is a leading global player ment to expanding
in the agrochemical industry. its market presence,”
Jubilant Ingrevia said
Under the terms of the agreement, manufacturing facility to produce and in a statement.
the manufactured agro intermediate supply the intermediate. The overall
will be exported from India to meet revenue expected from this agreement is Additionally, a mutual confi denti-
the customer’s global requirements. around $300-mn, which will be gene- ality agreement has been executed
JASL will invest in setting up the rated over the next few years after between JASL and the customer.

138 Chemical Weekly October 15, 2024

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