Celcius Logistics secures Rs 100 Cr Series A funding to innovate cold chain tech
The company will utilise the funds for tech innovations aimed at solving cold chain fragmentation, reducing perishable wastage, and prioritising sustainability.
Monday April 10, 2023,
2 min Read
Cold chain marketplaceLogistics has secured Rs 100 crore in its Series A funding round led by IvyCap Ventures.
The company aims to utilise the fresh capital for tech innovations to solve the fragmented cold supply chain, reduce wastage in perishables, and focus on sustainability.
Tej Kapoor, Managing Partner at IvyCap Ventures, will be joining the board of Celcius on behalf of the investor. Celcius earlier raised Rs 35 crore from existing investors Mumbai Angels, Supply Chain Labs, Endurance Capital, VCats, Huddle, Eaglewings Ventures (EVAN), and others.
"We are glad to have partnered with Celcius Logistics, which is revolutionising the cold supply chain sector with its innovative approach," Vikram Gupta, Founder and Managing Partner of IvyCap Ventures said.
"Given its focus and the expertise of the team, we are confident that Celcius will emerge as the leading brand in this space."
Celcius Logistics offers an integrated online smart platform that provides end-to-end supply chain solutions, including booking and monitoring transport, warehousing, last-mile, and hyperlocal delivery services for all stakeholders across the cold chain network. The company says it has transported over 100 tonnes of perishables for clients including Maersk, Jubilant Foods, and Zomato.
"From our humble beginnings with just five employees during the COVID-19 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 350+ cities across the country," said Founder and CEO Swarup Bose, adding that it recently launched smart solutions catering to last-mile needs.
The company plans to add a warehouse management system and an upgraded transportation management system to its platform.
The cold-chain system in India suffers from several inefficiencies. As per India Cold Chain Market Report 2023, 4.6%-15.9% of fruits, 5.2% of inland fish, 10.5% of marine fish, 2.7% of meat, and 6.7% of poultry is wasted each year due to unavailability of cold storage.
Celcius aims to introduce smart tech innovations to address challenges in the pharma sector and build an unbroken cold supply chain and ensure food security.
Edited by Kanishk Singh