Mumbai Angels, a premium platform for private investments, invests USD 1.5 Mn in Celcius, a cold chain marketplace as part of the larger bridge round of USD 4.5 Mn Other notable investors, including Supply Chain Labs, Endurance Capital, VCats, Keiretsu Forum, Huddle and EVAN also participated in the funding. This is a part of the bigger Series A funding round of USD 10Mn in progress.
Celcius will leverage the fresh capital to build its tech, sales and operations teams while expanding its geographical footprint to over 500 cities this year. The platform will also use the funds to create development programs to assist transporters across the country.
Nandini Mansinghka, Co-Founder and CEO of Mumbai Angels, said, “The events that have unfolded over the past couple of years have underscored the significance of a robust cold storage supply chain in the marketplace., Especially with the increased requirements of the healthcare, pharma, and food industries, efficient cold chain marketplaces are crucial. Celcius has done remarkably well in connecting shippers and transporters across India seamlessly. We believe that this capital infusion will allow them to bolster their infrastructure and execute the intended expansion plan.
“We are extremely grateful to the investors for believing in our vision and helping us further our goal of creating a nationwide cold chain network. The newly acquired funds will allow us to stay on the momentum of expanding our operations across the country. We plan on expanding our reach to over 500 cities and supporting the country by transporting Covid-19 vaccines and other essential perishables to remote locations. We also recently launched Vahan Vikas Samriddhi Program, through which we aim to financially support regional transport entrepreneurs and encourage them to venture into the cold chain segment. The acquired funds will help us further this initiative,” added Swarup Bose, Founder and CEO of Celcius.
Based in Mumbai, Celcius is one of the only cold chain aggregator platforms in India providing end-to-end cold chain solutions. The company’s target sectors include dairy, pharma, fresh produce, exports of fruits, seafood, and even distribution of the COVID-19 vaccine. Since its inception in late 2020, Celcius has expanded its reach to over 300 cities across India. The platform has on-boarded 2500+ vehicles, 107 cold storage facilities,covering primary to last mile distribution of perishables, increased operations, and grown 20X in 1 year. The company plans to raise a Series A round of USD 10 Mn in the coming months.