Tan90, a startup that provides thermal management solutions to businesses, has raised Rs 11.32 crore in a pre-Series A round co-led by Blue Ashva Capital and Capital A along with the participation of a clutch of angel investors based out of Singapore, the Middle East, and India, and 3i Partners.
Before this, the Chennai-based firm raised Rs 5 crore in May last year as the first tranche of the pre-series A round. The May 2022 round also saw participation from 3i Partners, and angel investors, Shalini Chhabra and Venkat Nekkanti.
The startup will use the fresh capital to expand its operations overseas with a particular focus on Southeast Asia, Tan90 said in a press release. The startup is also planning to enter tier-2 cities in India to cash in on the growing demand for ‘cold chain solutions’ in the interior parts of the country.
Led by Soumalya Mukherjee, Tan90 has been catering to the food industries, pharmaceutical, and diagnostics industries. The startup aims to branch out to thermal management of batteries, industrial cooling, and space cooling, as well, in the future.
The company is set to launch a unique cold chain model, ‘Cooling as a Service’ (CaaS), wherein it offers cooling solutions on lease to businesses that do not own blast freezers required to freeze the panels, i.e., thermal batteries. The CaaS is already available in five cities — Pune, Hyderabad, Delhi, Chennai, and Bangalore. The company claims to have reduced operational costs by up to 25% compared to reefer trucks.
Tan90 further claims to have moved over 1,500 tonnes of produce and reduced carbon emissions by more than 25%. And in the process, it has helped cut operational costs for clients by 40%. Tan90’s clients include energy bodies like the Bureau of Energy Efficiency, India, UNIDO, the Department of Biotechnology, and the Department of Science and Technology.
