[Funding alert] Cold-chain startup Celcius raises seed round from Eaglewings Ventures, others
Cold-chain marketplace startupsaid on Tuesday that it has received an undisclosed amount as seed funding for expanding presence, scaling up partner base and enhancing tech platform.
Eaglewings Ventures Alliance Network (EVAN), MaGEHold, Keiretsu Forum, and other investors participated in this round of seed funding, Celcius said in a release.
Founded by Swarup Bose, Rajneesh Raman, and Arbind Jain in November last year, Celcius said it has transported over 2,800 tonnes of perishable cargo, covering more than 85 cities across the country.
We are ecstatic to announce our seed funding round and are thankful to all our investors. Our aim is to build a technology-driven solution to the problems of the conventional cold-chain network in India, said Bose, Founder and CEO, Celcius.
According to the firm, there has been an increase in demand for cold chain solutions in the country in the wake of the pandemic. The COVID-19 vaccine requirement is heavily dependent on a robust and seamless cold-chain network for effective distribution.
From incubating the company to becoming investors on board this year, we want to stay committed to the team and look forward to actively supporting their growth, said Atul Javeri, CEO of the Mumbai-based EVAN.
The cold storage supply chain is a critical yet challenging part of a country's growth infrastructure.
It ensures a longer shelf life for perishable and temperature-sensitive goods and allows the distribution of such products even to the hinterlands, Bowie Lau, MD, MaGEHold, said.
"India lacks the cold chain infrastructure and now with the backdrop of COVID, Celcius is at the right place at the right time. From facilitating vaccine delivery, curbing food wastage, empowering regional transporters to building a last-mile delivery network, Celcius is ensuring an impactful presence in the ecosystem. With an experienced and mature team, there is a tremendous potential for them to grow”, added Poojit Jain, Angel Investor, EVAN.
(Disclaimer: Additional background information has been added to this PTI copy for context)
Edited by Saheli Sen Gupta