What Indicon does

Indicon is a Mumbai-headquartered manufacturer of specialty construction chemicals, drymix mortars, and paints, founded in 2007 and operated under parent company Synapse. The company produces approximately 30 products organized into five categories: admixtures and curing compounds (e.g., Super Plast PCE polycarboxylate ether superplasticizer, naphthalene-based Super Plast, IWC+ Liquid, Super Crystal Admix, Super Cure P, Grout Admix), waterproofing coats (e.g., Super WP, Super Guard WP/Flex two-component acrylic elastomeric membranes, aliphatic PU dispersion Super PU, PU Seal 40, Super Coat), repair and maintenance products (Super Grout, Super Micro, Repair Mortar, Super Hack/Bond, Super CP 3-in-1 anti-corrosion, Super Gyp Bond), floor hardeners (Super Floor emery-blend hardener), and drymix mortars, skim coats and textures (Tile Adhesive Premium/standard, NSA, Mortar, Pre-Mix Plast, Acrylic Wall Putty, Super Texture, Wall Putty, Super Block Fix). Underlying technology is grounded in polymer-modified cementitious chemistry, including acrylic copolymer modification, aliphatic polyurethane dispersions, polycarboxylate ether and naphthalene-based admixtures, with quantified performance claims (e.g., 25–40% water reduction and 30–50% strength gains; 4–6× abrasion resistance vs. plain concrete; 70mm hydrostatic resistance for crystalline admixture; ≥95% contact area for non-shrink grout).

The company's go-to-market is a sales-led B2B model targeting contractors, builders, architects, and real estate developers in the Mumbai metropolitan area, with no published pricing and engagement routed through a website callback form, direct email ([email protected]), and phone. Distribution is direct from a single Goregaon West facility, with no disclosed distributor or reseller network. Revenue is generated through two streams: (1) direct sale of branded construction chemicals in 5–330 kg packaging, and (2) contract manufacturing / Job Work for other companies producing construction chemicals, drymix mortars, and paint underlayments on a custom basis. The company holds ISO 9001 certification (held by parent Synapse, certificate dated Feb 2022), operates a state-of-the-art manufacturing facility with in-house R&D and laboratory, and is privately held with no disclosed institutional investors, funding rounds, M&A, or public-market activity.

Name

Indicon

Legal name

Indicon

Website

https://indicon.co.in

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Indicon, founded in 2007 in Mumbai and operated under parent Synapse, manufactures specialty construction chemicals, drymix mortars, and paints. The company serves B2B construction customers in Maharashtra with approximately 30 SKUs across five categories, using polymer-modified formulations, and also offers contract manufacturing services.

Ownership category

akta.pro rank

Product category

Construction Chemicals

NAICS

Paint and Coating Manufacturing (32551), Paint, Coating, and Adhesive Manufacturing (3255), All Other Chemical Product and Preparation Manufacturing (32599)

SIC

Paints, Varnishes, Lacquers, Enamels & Allied Prods (2851), Adhesives & Sealants (2891), Chemicals & Allied Products (2800)

akta.pro primary industry

Construction Chemicals (Additives, Admixtures & Grouts) (IMAEABAC)

akta.pro secondary industry

Adhesives & Sealants Chemicals (IMAEABAA)

Keywords

• Construction chemicals
• Waterproofing coatings
• Concrete admixtures
• Drymix mortars
• Floor hardeners

Headquarters

HQ city

Goregaon

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Construction Chemicals Sales: Direct sales of specialty construction chemicals including admixtures, waterproofing products, repair mortars, floor hardeners, tile adhesives, and drymix mortars to construction industry customers. Products are sold in various packaging sizes (5-330 kg containers/bags) to accommodate different project requirements.
2. Job Work / Contract Manufacturing: Custom manufacturing services for construction chemicals, dry-mix mortars and paint underlayment products. Company leverages manufacturing infrastructure near Mumbai to produce products for other brands or companies requiring specialized production capabilities. Handles both small and large quantity orders.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Indicon manufactures and markets a diversified portfolio of specialty construction chemicals under its own brand for the civil engineering industry. The product range spans admixtures, waterproofing coats, repair and maintenance products, floor hardeners, and drymix mortars (tile adhesives, plasters, wall putties, textures). In addition to branded sales, the company offers job work and contract manufacturing services from its Mumbai facility, producing construction chemicals, drymix mortars, and paint underlayment products for other companies.

Product overview

Indicon is a manufacturer of construction chemicals, drymix mortars, and paints established in 2007. The company offers a diversified portfolio organized into five product categories: (1) Admixtures and Curing Compounds including Super Plast PCE, Super Plast, IWC+ Liquid, Super Crystal Admix, Super Cure P, and Grout Admix for concrete modification and waterproofing; (2) Repair and Maintenance Products including Super Grout, Super Micro, Repair Mortar, Super Hack Bond, Super Bond, Super CP, and Super Gyp Bond for repair and bonding applications; (3) Waterproofing Coats including Super WP, Super Guard WP, Super Guard Flex, Super PU, PU Seal 40, and Super Coat for structural waterproofing; (4) Floor Hardener including Super Floor for abrasion resistance; and (5) Drymix Mortars, Skim Coats & Textures including Tile Adhesive (Premium), Tile Adhesive, NSA, Mortar, Pre-Mix Plast, Acrylic Putty, Super Texture, Wall Putty, and Super Block Fix for tiling, plastering and finishing. All products are manufactured by Synapse and distributed under the Indicon brand.

Differentiator

Problem solved

Functional benefit

Products and services

• Super Plast PCE Polycarboxylate ether-based admixture that improves concrete slump, workability, strength and durability. Reduces water content by 25-40% and increases strength by 30-50% compared to plain concrete. Packaged in 220 Kgs HDPE drum.
• Super Plast Naphthalene-based organic polymer admixture for increasing concrete slump, workability, and strength. Reduces water content by 15-25% and increases strength by 20-50% compared to plain concrete. Packaged in 250 Kgs HDPE drum.
• IWC+ Liquid Polymer and plasticizer-based waterproofing admixture that forms an internal barrier against water penetration. Improves workability, makes concrete denser and impermeable, and provides anti-corrosion properties.
• Super Crystal Admix Dry powder waterproofing admixture blend of portland cement, silica sand and active chemicals that reacts with moisture to form crystals blocking pores and capillaries. Can withstand up to 70mm hydrostatic pressure.
• Super Cure P Water-based curing compound designed to provide controlled moisture loss from freshly laid concrete for improved cement hydration efficiency.
• Grout Admix Powder-form admixture that compensates shrinkage in cement-based mixes like grout, mortar and concrete. Provides positive expansion and high workability.
• Super Grout High strength, non-shrink, expanding, free flow cementitious grout comprising hydraulic setting binders, selected aggregates and expansion control additives. Provides minimum 95% contact area with base plate for grouting applications.
• Super Micro Versatile one-part patching and repair compound for horizontal surfaces like parking decks, floor toppings, joint repairs, pavements. Cementitious based blended with polymer, graded aggregates and special additives. Suitable for 25-150mm thickness.
• Repair Mortar One part thixotropic polymer modified cement-based compound for repair projects. Suitable for interior/exterior applications up to 20-25mm thickness in single coat.
• Super Hack Bond Rubber latex-based bonding material with special additives for enhanced adhesion. Used as admixture for preparing spatter dash coat with high bond strength on non-hacked concrete surfaces.
• Super Bond Milky white styrene butadiene rubber latex-based bonding material for preparing slurry for bonding fresh concrete to hardened concrete.
• Super CP Anti-corrosive coating combining hydrophobic anti-flash rust inhibitor, rust converter and anti-corrosion coating in a single waterborne polymer composition for ferrous substrates. Available in 5 and 20 Kgs buckets.
• Super Gyp Bond Green colored ready-to-use solution providing mechanical and chemical bonding for gypsum-based materials. Available in 5, 10, 20 and 25 Kgs buckets.
• Super WP Economical cement-based structural waterproofing material based on acrylic copolymer. Applied as slurry for permanent seal and protection against fresh and salt water in water tanks, foundations, slabs, retaining walls and other structures.
• Super Guard WP Two component acrylic polymer modified elastomeric waterproofing membrane consisting of powder and acrylic emulsion. Provides exceptional adhesion, toughness and durability.
• Super Guard Flex Two component acrylic polymer modified elastomeric waterproofing membrane with high elastomeric properties and extraordinary adhesion.
• Super PU Aliphatic polyurethane dispersion designed for coating concrete, paint, metal, tiles, marble, granite and wood substrates. Offers excellent durability and UV resistance.
• PU Seal 40 One-component medium-modulus polyurethane sealant that cures on exposure to atmospheric humidity. Provides permanent elasticity for sealing joints. Available in box containing 20 sausages of 600 ml each.
• Super Coat Single component polymer-based waterproofing and elastomeric exterior performance coating providing water repellency, toughness and UV stability for concrete structures. Quick drying properties.
• Super Floor Ready-to-use shake-on non-metallic floor hardener comprised of 100% pure emery blend. Provides 4-6 times more wear/abrasion resistance than plain concrete. Available in 20 Kgs bag for factories, warehouses, car parks, commercial and industrial facilities.
• Tile Adhesive (Premium) Portland cement-based polymer-modified high strength flexible tile adhesive for regular tiling, large format tiles and stone jobs over horizontal and vertical surfaces in interiors and exteriors. Available in 30 Kgs bag, grey or white.
• Tile Adhesive Portland cement-based polymer-modified tile adhesive for adhering vitrified, ceramic, mosaic tiles to various substrates.
• NSA Economical portland cement-based polymer-modified adhesive for floor and wall tiling applications in interior surfaces.
• Mortar Portland cement-based polymer-modified thin-set tiling mortar for ceramic, semi-vitreous and vitrified tiles on horizontal surfaces in interiors only.
• Pre-Mix Plast Factory controlled single component ready-to-use plastering mortar with excellent permeability resistance. Reduces drying shrinkage cracks. Available in 40 Kgs HDPE bag, suitable for 8-35mm thickness.
• Acrylic Putty Acrylic-based interior smooth wall putty for prepared masonry, concrete, plaster, gypsum and wood surfaces. Provides superior adhesive strength and durability.
• Super Texture Economical acrylic polymer based textured finish for beautifying and protecting concrete structures. Recommended for exterior and interior applications.
• Wall Putty White cement based powder blended with polymer and hydrophobic additives for application on masonry, concrete, plaster and gypsum surfaces. Water resistant and crack resistant.
• Super Block Fix One part jointing compound for thin layer fixing of blocks of all types. Provides high adhesion strength between blocks.
• Job Work / Contract Manufacturing Custom manufacturing services for construction chemicals, dry-mix mortars and paint underlayment products. Company leverages manufacturing infrastructure near Mumbai to produce products for other brands or companies requiring specialized production capabilities. Handles both small and large quantity orders from single product companies to multi-product corporate customers.

Quantifiable outcome

• Super Floor provides 4-6 times more wear/abrasion resistance than plain concrete
• +4 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

One partnership is on record.

• SynapsecoreOthersSynapse is the parent company that manufactures and markets Indicon products. Indicon was established in 2007 with foundation and pillars supported by renowned and established players in the industry. The mentor relationship with Mr. Maulik Tolat provides strategic guidance for company objectives.

Scale indicators5 records

Recent moves4 records

Expansion highlights4 records

Broad incumbents

• Fosroc: Construction-chemicals specialist (admixtures, waterproofing, sealants, flooring, repair) with a substantial India operation. Closely mirrors Indicon's product portfolio and targets the same contractors and developers.
• Sika AG: Global leader in construction chemicals (admixtures, waterproofing, sealing, bonding) with a major India presence. Directly comparable to Indicon across all five of Indicon's product categories, but at vastly greater scale and global reach.
• Mapei: Italian global construction-chemicals manufacturer with strong admixtures, tile-adhesive, waterproofing, and repair-mortar lines. Directly competes with Indicon in drymix mortars (tile adhesives, grouts) and waterproofing membranes.
• Bostik (Arkema): Global adhesives and sealants manufacturer with construction applications (tile adhesives, PU sealants, construction sealants). Direct overlap with Indicon's PU Seal 40 and tile adhesive lines.
• Pidilite Industries (Dr. Fixit, Fevicol): India's dominant specialty-chemicals brand; Dr. Fixit is the leading waterproofing brand and Fevicol anchors adhesives. Pidilite is the most relevant domestic incumbent competing for the same end-buyers across waterproofing, tile adhesives, and sealants.
• BASF (Master Builders Solutions): BASF's construction-chemicals arm offers concrete admixtures, waterproofing, sealants, and repair mortars — overlapping Indicon's full portfolio — and competes for the same large Indian infrastructure and commercial projects.
• Saint-Gobain (Weber): Weber (Saint-Gobain) is a major global tile-adhesive, waterproofing, and drymix-mortar brand with strong India presence. Directly comparable to Indicon's drymix mortars and waterproofing coats.

Direct peers

• Perma Construction Aids: Indian manufacturer of construction chemicals (admixtures, waterproofing, repair mortars, grouts) with a similar Mumbai/all-India footprint and product range. Closest scale-and-strategy comparable to Indicon.
• CICO Technologies: Indian construction-chemicals manufacturer offering admixtures, waterproofing, repair, flooring, and sealants. Very similar in size and product mix to Indicon, serving the same contractors and infrastructure projects in India.
• Chembond Chemicals: India-based specialty-chemicals company with a construction-chemicals portfolio (waterproofing, admixtures, sealants, flooring) plus diversified industrial chemicals. Comparable in product breadth and India-centric B2B focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

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Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indicon