Celcius Logistics Solutions Pvt Ltd, which operates the cold chain marketplace Celcius, said Monday it has completed its Series A funding round to take the total amount to Rs 100 crore ($12.2 million).
Venture capital firm IvyCap Ventures led the round, Celcius said.
This comes about a year after the company raised Rs 35 crore from Mumbai Angels, Supply Chain Labs, Endurance Capital, Venture Catalysts, Huddle, and Eaglewings Ventures, among others, in Series A funding.
IvyCap Ventures’ managing partner Tej Kapoor will join the board of Celcius as part of the transaction.
Celcius aims to utilize the funds for tech innovations to solve the fragmented nature of the cold supply chain and reduce the wastage in perishables, the company said in a release.
“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. We are also working towards introducing smart tech innovations to address challenges in the pharma sector,” said Celcius founder and chief executive officer Swarup Bose.
Founded in 2020 by Bose, Celcius offers an integrated smart platform online that provides end-to-end supply chain solutions, including transport, warehousing, last-mile, and hyperlocal delivery services across the cold chain network. It provides end-to-end cold chain solutions and targets markets such as dairy, pharma, fresh agriculture produce, fruit export, and seafood.
The tech-enabled platform lets users explore, book, monitor, and receive real-time updates and data analytics about their cold supply chain needs. It claimed in its release that it boasts a network fleet of over 4,500 reefer vehicles, 107 cold storage facilities, seven distribution centres, and more than 100 hyperlocal riders. It has a team of 125 employees and is operational in more than 350 cities across the country.
It also claimed that it witnessed a 20x growth in the past year. Its clients include Zepto, Zomato, Maersk, Prabhat Dairy, Baskin Robbins, Vadilal, Domino’s, Keventers, and Godrej Agrovet. It has also ventured into international markets to enable the export and import of products like exotic fruits and seafood.