Celcius Logistics has raised ₹100 crore in Series A funding round led by IvyCap Ventures. In a statement, the cold chain market place said it will utilise the funds for tech innovations to solve the fragmented nature of the cold supply chain and reduce the wastage in perishables.
The company had earlier raised ₹35 crore from investors such as Mumbai Angels, Supply Chain Labs, Endurance Capital, VCats, Huddle, Eaglewings Ventures (EVAN) and others.
An asset light platform, Celcius has a fleet of over 4,500 reefer vehicles, 107 cold storage facilities, 7 distribution centres, and over 100 hyperlocal riders and 125 dedicated employees in over 350 cities across the country.
Celcius offers an integrated online smart platform that provides end-to-end supply chain solutions, including transport, warehousing, last-mile and hyperlocal delivery services for all stakeholders across the cold chain network.
According to Celcius, it allows users to explore, book, monitor, and receive real-time updates and data analytics about their cold supply chain needs.
Celcius Founder and CEO, Swarup Bose, said, “From our humble beginnings with just five employees during the Covid pandemic, we have become a leading player in the cold supply chain industry with a team of 125 dedicated employees and an operational presence in over 350 cities across the country. We have recently launched smart solutions catering to the specific needs of last-mile deliveries and hyperlocal cold-chain transportation. Having raised more funds, we aim to further expand our operations and build a seamless, and truly unbroken cold supply chain, ensuring food security for all.”
The company is also working towards introducing smart tech innovations to address challenges in the pharma sector.
“Our goal is to work towards a sustainable future by taking steps to reduce wastage of perishables through innovative tech solutions and creating a meaningful impact on the ecosystem,” Bose said.
Also read: Save Mission Millet before it crashes
Celcius offers a last-mile delivery service with a focus on the aggregation of existing small reefer vehicles and uses its unique Vahaan Vikas Yojana to introduce new assets in the sector.
The first-of-its-kind temperature-controlled hyper-local service allows for the transportation of perishables ranging from 500 grams to 500 kg, across the nation within 18 hours, through its fleet of bike riders, and leveraging air, rail, and road network.
Vikram Gupta, Founder and Managing Partner of IvyCap Ventures Pvt Ltd, said, “We are glad to have partnered with Celcius Logistics, which is revolutionising the cold supply chain sector with its innovative approach. Given its focus and the expertise of the team, we are confident that Celcius will emerge as the leading brand in this space.”
Tej Kapoor, Managing Partner, IvyCap Ventures will be joining the board of Celcius on behalf of IvyCap Ventures.
According to recent reports on the cold-chain ecosystem in India, the sectors such as food and pharma are suffering from several inefficiencies.
Also read: Indian oil palm industry gaining momentum
The current unorganised and inefficient cold chain system leads to food losses of about $14 billion every year and about 29 per cent of vaccine wastage due to damages and temperature variations during transit.
Celcius has been using its proprietary tech solutions to address these challenges.
With a growth of 20 times in the past year, Celcius’ clientele include Zepto, Zomato, Maersk, Prabhat Dairy, Baskin Robbins, Vadilal, Domino’s, Keventers, and Godrej Agrovet.
Celcius has transported over 1,25,000 tons of perishable cargo for sectors like dairy, fresh agricultural produce, pharma, fruits, seafood, and vaccines. The start-up has also ventured across the border to enable the export and import of products like exotic fruits and seafood.