India-based cold chain marketplace Celcius Logistics raised USD 12 million (INR 100 crore) in the recent round of funding. The Series A round took place on April 10, 2023. IvyCap Ventures led the financing for the company.
As a part of the deal, Tej Kapoor, Managing Partner, IvyCap Ventures, intends to serve on the board of Celcius on behalf of IvyCap Ventures.
Purpose of financing for Celcius Logistics
With the latest capital injection in Series A, Celcius Logistics seeks to invest in tech innovations to solve fragmented supply chains and reduce waste.
Meanwhile, the company plans to add a warehouse management system. It also seeks to launch an upgraded transportation management system to its platform.
Earlier, the company raised INR 35 crore from investors such as Mumbai Angels, Supply Chain Labs, Endurance Capital, VCats, Huddle, and Eaglewings Ventures (EVAN).
What the company’s officials have to add
Celcius Founder and CEO Swarup Bose further said, “We have recently launched smart solutions catering to the specific needs of last-mile deliveries and hyperlocal cold-chain transportation. 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. 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. “
What the investors have to add
Vikram Gupta, Founder and Managing Partner of IvyCap Ventures Pvt Ltd, further said, “We are glad to have partnered with Celcius Logistics, which is revolutionizing the cold supply chain sector with its innovative approach. Given its focus and the expertise of the team, we are confident that Celcius will emerge as the leading brand in this space.”
About the company
In 2020, Founders Arbind Jain, Rajneesh Raman, and Swarup Bose launched the company. Celcius Logistics offers end-to-end cold chain solutions, including transport, warehousing, last mile and hyperlocal delivery for all stakeholders.
The company saw phenomenal growth, i.e. by 20 times over the past year. It boasts clients such as Zepto, Zomato, Maersk, Prabhat Dairy, Baskin Robbins, Vadilal, Domino’s, Keventers, and Godrej Agrovet. Celcius transported more than 1,25,000 tons of perishable cargo for sectors such as dairy, fresh agricultural produce, pharma, fruits, seafood, and vaccines. In addition, the company forayed across the border to enable the export and import of products such as exotic fruits and seafood.
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