Celcius, a cold chain business based in Mumbai, has raised $4.5 million in a Series A fundraising round headed by Mumbai Angels. It plans to close the Series A financing in the next several months for $10 million.
Mumbai Angels, Supply Chain Labs, Endurance Capital, VCats, Keiretsu Forum, Huddle, and EVAN were among the investors who took part in the round.
The new funds will be utilized to grow the company’s footprint to over 500 cities and develop teams in technology, sales, and operations. The company will also put money into a development initiative that helps small-scale regional transporters all over India.
Celcius, founded by Swarup Bose, Rajneesh Raman, and Arbind Jain in 2020, provides firms with reefer logistics and cold storage warehouses. It links shippers and transporters across India via its website and mobile app. It has partnered with several financial institutions, including Shriram Transport and Finance Company, as well as OEMs, like Ashok Leyland and Tata.
The Vahan Vikas Samriddhi Program was recently introduced by Celsius to provide financial help to regional transportation entrepreneurs and encourage them to enter the cold chain industry.
As of right now, Celsius claims to have 2500 trucks and 107 cold storage facilities. It also claims to have a presence in over 150 cities.
Celsius raised $500K in a seed fundraising round headed by Mumbai Angels Network, Huddle, and Lumis Partners in August 2021. MaGEHold, Keiretsu Forum, and Eaglewings Ventures Alliance Network (EVAN) were among the investors who took part in the round.
CloudTrack, TagBox, Tessol, and Coldman Logistics are some of its cold chain competitors.
Tessol, a cold chain logistics firm based in Mumbai, raised an unknown amount in a follow-on equity fundraising round sponsored by early-stage VC platform 1Crowd in 2018. Existing investors such as Infuse Ventures and Ankur Capital took part in the round.
Tessol, which was founded by Rajat Gupta in 2013, provides services ranging from farm-level collecting to residential delivery. It has collaborated with major brands in the FMCG, eCommerce, and food processing industries.
TagBox, a Bengaluru-based cold chain monitoring firm, raised an unknown sum from Indian Angel Network and the IAN Fund in an angel fundraising round in 2017. Naveen Gupta and Dinesh Goel of IAN led the round.
TagBox, founded in 2016 by Adarsh Kumar, Saumitra Singh, and Sameer Singh, provides long-term cold chain solutions through automation, the Internet of Things, and advanced analytics.
In 2021, the Indian cold chain market will be worth INR 1585.1 billion. By 2027, the market is expected to be worth INR 3637.4 billion, with a CAGR of 14.72 percent.