Celcius Logistics, a cold chain marketplace, has raised Rs 100 crore in a Series A funding round led by IvyCap Ventures.
The company plans to use the fresh capital to develop tech innovations that would address the fragmented cold supply chain, cut down 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 had earlier raised Rs 35 crore from investors, including 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,” said Vikram Gupta, Founder, and Managing Partner of IvyCap Ventures.
“Given its focus and the expertise of the team, we are confident that Celcius will emerge as the leading brand in this space.”
An extensive online smart platform Celcius Logistics offers end-to-end supply chain solutions, including booking and monitoring warehousing, last-mile, and hyperlocal delivery services for all stakeholders involved in the cold chain network. The company claims to have transported over 100 tonnes of perishables for clients like 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 upgrade its transportation management system and add a warehouse management system to its platform.
India’s cold-chain system exhibits several inefficiencies. According to the India Cold Chain Market Report 2023, due to a lack of cold storage, 4.6% to 15.9% of fruits, 5.2% of inland fish, 10.5% of marine fish, 2.7% of meat, and 6.7% of poultry are wasted annually.
Celcius aims to provide smart tech innovations to address problems in the pharma sector, build a streamlined cold supply chain, and ensure food security.