Cold-chain Marketplace Celcius Logistics Raises INR 40 Cr in Pre-Series B Led by IvyCap Ventures The Mumbai-based platform aims to deploy the fresh funding to expand its market reach across transportation and warehousing and reach over 500 cities in the next year.
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A domestic aggregator providing end-to-end cold-chain solutions Celcius Logistics has announced the raising of INR 40 crore in a pre-series B round led by existing investor IvyCap Ventures. Other investors include Mumbai Angels and Caret Capital.
The present fundraising round comes after IvyCap Ventures' INR 100 crore (USD 12 million) Series A round in April 2023.
As per the official release, Celcius Logistics aims to deploy the fresh capital to expand its footprint across its transportation management system (TMS) and warehouse management system (WMS), further strengthening its cold storage solution. It also aims to expand its reach to over 500 cities in the next year and help manufacturers sell their perishable products.
Swarup Bose, Founder and CEO, Celcius Logistics, said, "Through the fresh funding, we aim to further penetrate our presence and bridge the demand-supply gap in the cold supply chain. Our transportation and warehousing systems bring in transparency and operational efficiency, ensuring quality compliance in the cold chain logistics industry."
Founded by Swarup Bose, Celcius Logistics connects shippers and transporters and is a one-stop solution for all cold chain requirements, ensuring last mile and hyperlocal deliveries.
The platform claims that it has already transported over four lakh tons of perishable cargo for dairy, pharma, fruits, seafood, and fresh agricultural produce. Its clients include Zomato, Spicejet, Reliance Pharma, Maersk, Prabhat Dairy, Baskin Robbins, Vadilal, Domino's, Keventers, and Godrej Agrovet, among others.
Currently, it has 4,000 vehicles, 107 cold storage facilities, 27 distribution centres, and 200 hyperlocal riders across the country.
"Our technology-driven platform addresses the current challenges, including operational inefficiencies, faced by the Indian cold-chain ecosystem. We enable manufacturers and transport companies, particularly in the food and pharma industries, to ensure seamless delivery of perishable items. The real-time monitoring updates and analytics also help in reducing the wastage of such goods," Swarup added.
In two years, Celcius has raised funds from various sources, including IvyCap Venture, the Mumbai Angels Network, Huddle, Lumis Partners, venture capital and private equity firms MaGEHold, Keiretsu Forum, Eaglewings Ventures Alliance Network (EVAN), and investors from Malaysia, Nigeria, and the US and bridge funding.
The company claims that it has collaborated with financial institutions like Shriram Transport and Finance Company and with OEMs like Ashok Leyland and Tata. Celcius has grown 20X in the last year and now operates 107 cold storage facilities.
Vikram Gupta, Founder and Managing Partner of IvyCap Ventures, said, "We are proud to continue our support for Celcius Logistics and see them build an unbroken and robust cold supply chain. The passion and commitment of the team to digitise the cold chain industry is commendable, and we believe that the fresh investment will further accelerate their growth journey and benefit stakeholders nationwide."
