Specialty chemicals startup Mstack has raised $40 million (roughly Rs. 335 crore) in a funding round led by Lightspeed Venture Partners and Alpha Wave Global.

Houston and Bengaluru-based Mstack plans to use the funds for research and development, building leadership teams across all divisions of the company, growing talent in the company in the US, and expanding operations in the Middle East, South America, and Asia.

Shreyans Chopra founded Mstack in 2022. Mstack is a B2B firm for sourcing speciality chemicals. Mstack operates as a custom manufacturing platform that helps supply speciality chemicals to low-cost manufacturing countries, primarily North America, India, South Korea, Saudi Arabia, Thailand, and Vietnam.

The company offers products in categories such as oil and gas, coatings, water treatment, home, and personal care. With the new funding, Emstack plans to expand into agrochemicals and pharmaceuticals.

Investor interest in the speciality chemicals sector has increased due to the growing demand for chemicals across various industries.