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Tessol, a Mumbai-based start-up in the CleanTech-led cold chain logistics space, has recently raised an undisclosed amount in follow-on equity funding from early stage venture capital firm 1Crowd, and existing investors Infuse Ventures and Ankur Capital.
Founded by IIT Delhi-Harvard alumnus Rajat Gupta, Tessol aims to revolutionise the cold chain distribution in India using its proprietary ‘Energy Storage’ technology-based solution, according to a press release.
These products and solutions, while being environmentally sustainable, reduce the lifetime cost of cooling by more than 50 per cent, thereby making cold chain on low-value products viable. Over the last few years, Tessol has developed solutions ranging from farm level collection to home delivery and works with FMCG, food processing and e-commerce players in India.
Funds raised in this round would be utilised by the start-up for strengthening the current product suite and bringing some disruptive products that were under development to pilot and commercialisation, Gupta, CEO, Tessol, said.
1Crowd is an early-stage investor and has made over 15 investments in areas such as fin-tech, healthcare, education, consumer, enterprise technology and deep technology. It has recently announced the first close of its maiden venture capital fund.
Setup by IIM-A’s Centre for Innovation, Incubation and Entrepreneurship (CIIE), Infuse Ventures is a sustainability and energy-focused early-stage incubation and venture fund supporting entrepreneurs across renewables, resource efficiency and other sustainability domains. It is backed by the Union Ministry of New and Renewable Energy and Technology Development Board, IFC, BP, Godrej Industries, ICICI Bank, SIDBI, Bank of India and Union Bank.
Ankur Capital is an early-stage venture capital fund investing in opportunities created by rising aspirations and digital access for the Indians. It looks for innovative business models that can address core challenges in agri-tech, food, healthcare, skill development and education, among others.
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