Celcius Logistics, the cold chain marketplace startup, has completed its Series A funding by raising total amount of Rs 100 crore, led by IvyCap Ventures. As part of its Series A funding, the company earlier raised Rs 35 crore, from existing investors such as Mumbai Angels, Supply Chain Labs, and Endurance Capital.
The company aims to use the funds for tech innovations to solve the fragmented nature of the cold supply chain. It also aims to reduce the wastage of perishables thereby building towards a sustainable future.
“From our humble beginnings with just five employees during the Covid pandemic, we've become a leading player in the cold supply chain industry,” said Swarup Bose, Founder and CEO, Celcius. “Having raised more funds, we aim to further expand our operations and build a seamless, unbroken cold supply chain, ensuring food security for all.”
Over the past two-and-a-half years, Celcius has recorded strong growth. It now has a network fleet of over 4,500 reefer vehicles, 107 cold storage facilities, seven distribution centres and over 100 hyperlocal riders, and a team of 125 employees. It is operational in over 350 cities across the country.
The temperature-controlled hyper-local service allows for the transportation of perishables ranging from 500 gm to 500 kg, across the nation within 18 hours. It does this through its fleet of bike riders, and leveraging air, rail, and road network.
Celcius’ clientele includes Zepto, Zomato, Maersk, Prabhat Dairy, Baskin Robbins, Vadilal, Domino’s, Keventers, and Godrej Agrovet.
“We are confident that Celcius will emerge as the leading brand in this space,” said Vikram Gupta, Founder and Managing Partner of IvyCap Ventures Pvt Ltd.
As per the recent reports on the cold-chain system in India, the industry suffers from several inefficiencies including sectors like food and pharma. The current unorganized and inefficient cold chain system leads to food losses of about $14 billion yearly and about 29 per cent of vaccine wastage due to damages and temperature variations during transit.