Celcius, a cold supply chain start-up based in Mumbai, has raised Rs. 100 crore in a Series A funding round led by IvyCap Ventures, to launch new innovative tools that address gaps in the traditional cold storage chain ecosystem and expand its operational presence.
The funds will be deployed to launch new tech-based products that address gaps in the traditional cold storage chain ecosystem and expand the company’s operational presence.
Celcius, founded in 2020 by Bose, raised Rs. 35 crore ($4.7 million) last year from Mumbai Angels, Huddle, and other investors. The start-up is currently operational across 350 cities, with a fleet of over 4,500 vehicles, 107 cold storage facilities, and over 100 hyperlocal riders. It caters to customers in various Tier II and III cities, including new-age and traditional businesses such as Zepto, Zomato, and Vadilal.
“The cold storage network has been operating offline for the past 15-20 years. We aim to build a tech-based supply chain network. To make it happen, we will deploy the funds to introduce some new innovative tools that solve the problems within supply chains as well as expand our operational presence.” said Bose.
Celcius follows “Innovative Approach”
Vikram Gupta, Founder and Managing Partner at IvyCap Ventures, said Celcius has a very “innovative approach,” and he is confident that the start-up will emerge as the leading brand in this space.
Tej Kapoor, Managing Partner at IvyCap Ventures, will be joining Celcius’ board on behalf of IvyCap Ventures as part of this deal.
Celcius aims to be an end-to-end solutions provider for perishable products, ensuring that products are transported and stored at the right temperature to minimize wastage. The start-up plans to strengthen its presence in Tier II and III cities further.
The start-up plans to be an end-to-end solutions provider for perishable products and strengthen its presence in Tier II and III cities. The fund included participation from Huddle, Vcats, Mumbai Angels, and other existing investors.