Navi Mumbai, India: Cold chain startup Celcius Logistics has raised funding to address the fragmented nature of the cold supply chain in India and reduce the wastage of perishable goods.
“From our humble beginnings with just five employees during the Covid pandemic, we’ve become a leading player in the cold supply chain industry,” said Swarup Bose, founder and chief executive of Celcius. “Having raised more funds, we aim to further expand our operations and build a seamless, unbroken cold supply chain, ensuring food security for all.”
Over the past two-and-a-half years, Celcius has recorded strong growth. It now has a fleet of over 4,500 refrigerated vehicles, 107 cold storage sites and seven distribution centres. It works out of 350 cities across the country.
“We are confident that Celcius will emerge as the leading brand in this space,” said Vikram Gupta, founder and managing partner of IvyCap Ventures.
The company has raised Rs 100 crore (just under £10m), led by IvyCap Ventures.
It is believed that inefficiencies in the cold chain system in India leads to food losses of about $14bn annually. About 29% of vaccines are wasted due to damages and temperature variations during transit.
