Cold chain marketplace startup Celcius has scooped up Rs 100 crore ($12 million) in a Series A funding led by IvyCap Ventures. The company had earlier raised Rs 35 crore from its existing investors – Mumbai Angels, Supply Chain Labs, Endurance Capital, VCats, Huddle, Eaglewings Ventures (EVAN), and others, as part of this round.
The company will use funds to solve the fragmented nature of the cold supply chain and reduce wastage, Celsius said in a press release.
Celcius provides end-to-end supply chain solutions, including transport, warehousing, last-mile, and hyperlocal delivery services across the cold chain network. The platform allows users to explore, book, monitor, and receive real-time updates and data analytics about their cold supply chain needs.
The Navi Mumbai-based company also offers a last-mile delivery service that focuses on the aggregation of existing small reefer vehicles and uses its ‘Vahaan Vikas Yojana’ to introduce new assets in the sector, creating opportunities for smaller transporters across India. The hyper-local service ensures transportation of perishables ranging from 500 gms to 500 kgs, across the nation within 18 hours.
According to the company, it grew 20X in the past year and has onboarded Zepto, Zomato, Maersk, Prabhat Dairy, Baskin Robbins, Vadilal, Domino’s, and Keventers, among others to its clientele base. It has also ventured into cross border logistics to enable the export and import of products like exotic fruits and seafood.
Celcius recorded Rs 13.8 crore in revenue from operations as compared to Rs 74 lakh during FY21, according to its annual financial statement with the Registrar of Companies. Meanwhile, the company’s losses also jumped multifold to Rs 2.22 crore in FY22 from Rs 12 lakh in FY21.