Indian cold-chain platform Celcius Logistics Solutions has closed a $12-million Series A funding round led by IvyCap Ventures, according to a Tweet shared by Vikram Gupta, founder of IvyCap Ventures.
Celcius had initially raised around $4 million from existing investors including Indian VC firms Mumbai Angels and Supply Chain Labs along with US-based Endurance Capital, according to media reports.
“India is losing $14 billion in food and over 25% of a few key pharma products annually due to lack of cold chain infra. Celcius is rightly positioned to be the largest player to address this problem,” said Gupta.
The company plans to use the new capital to fund solutions for cold supply chain issues and to reduce wastage caused during transport of perishable items, reported Business Standard.
Celcius connects shippers and transporters through a large network of refrigerated trucks to ease transport of dairy, pharmaceuticals, fresh agro produce, and frozen products along with the ability to monitor the complete network right from their desktop or mobile.
Founded in 2020, the company currently has a network of more than 3,500 reefer trucks and over 100 cold storages with load allocations throughout India.
Celcius had raised $500,000 in a seed funding round from Mumbai Angels Network, Huddle, Lumis Partners, and other investors from Nigeria, Malaysia, and the US, reported Entrepreneur.com in 2021.
IvyCap Ventures is an early-stage venture capital firm that thrives on its global IIT-IIM alumni ecosystem. Its portfolio includes startups such as Purplle, eShakti, Bluestone, Miko, and Biryani By Kilo, among others.