Rs 100 Cr Series A funding raised by cold supply chain marketplace startup Celcius
Celcius, a startup in the cold chain marketplace, has received Rs 100 crore ($12 million) in a Series A funding led by IvyCap Ventures. Earlier in this round, the company received Rs 35 crore from its current investors, including Mumbai Angels, Supply Chain Labs, Endurance Capital, VCats, Huddle, Eaglewings Ventures (EVAN), and others.
According to a press release from Celsius, the company will use the money to reduce waste and address the fragmented nature of the cold supply chain.
Across the cold chain network, Celcius offers end-to-end supply chain solutions, including shipping, warehousing, last-mile, and hyperlocal delivery services. Users can explore, reserve, track, and receive real-time updates and data analytics about their cold supply chain needs on the platform.
The company, which is based in Navi Mumbai, also provides a last-mile delivery service that concentrates on the grouping of current small reefer vehicles. It also uses its “Vahaan Vikas Yojana” to introduce new assets in the sector, opening up opportunities for smaller transporters throughout India. Perishables weighing between 500 g and 500 kg can be transported across the country in just 18 hours thanks to the hyper-local service.
Zepto, Zomato, Maersk, Prabhat Dairy, Baskin-Robbins, Vadilal, Domino’s, and Keventers are just a few of the companies the company claims its clientele base has added since it grew 20X in the previous year. In order to facilitate the import and export of goods like seafood and exotic fruits, it has also forayed into cross-border logistics.
According to Celcius’ annual financial statement filed with the Registrar of Companies, it generated Rs 13.8 crore in operating revenue as opposed to Rs 74 lakh during FY21. The company’s losses also increased significantly, from Rs 12 lakh in FY21 to Rs 2.22 crore in FY22.
