Navi Mumbai-based cold chain logistics startup Celcius Logistics has secured a significant boost in its mission to transform India’s temperature-controlled supply chain. The company recently announced a ₹250 crore (approximately $30 million) Series B funding round, co-led by prominent global investment firm Eurazeo and agritech-focused venture fund Omnivore. This substantial investment underscores the growing recognition of the critical role cold chain logistics plays in India’s rapidly evolving food and pharmaceutical sectors.
Existing investor IvyCap Ventures also participated in the equity funding, demonstrating continued confidence in Celcius’s vision. Furthermore, the round included debt financing from a consortium of reputable financial institutions, including Trifecta Capital, Lighthouse Canton, BlackSoil, UCIC, and GetVantage. The oversubscribed nature of this funding round across equity, debt, and secondary channels highlights the strong investor appetite for Celcius’s innovative approach.
Digitizing India’s Cold Chain Inefficiencies
Founded in 2020 by Swarup Bose, Celcius Logistics is tackling the long-standing challenges of inefficiency within India’s cold chain. By building a digital-first logistics network, the company aims to minimize wastage and ensure the seamless transportation of temperature-sensitive goods. Celcius’s platform currently integrates a vast network comprising over 4,000 temperature-controlled vehicles, more than 150 cold storage and distribution centers, and a dedicated fleet of 250 hyperlocal riders. This extensive infrastructure already serves over 600 cities across India, catering to a diverse clientele that includes major players in the quick commerce and food delivery space, such as Blinkit, Zepto, Zomato, Domino’s, Keventers, and Baskin Robbins.
Strategic Focus on Pharma and Technological Advancement
With this fresh infusion of capital, Celcius is strategically focusing on two key areas: bolstering its presence in pharmaceutical logistics and further enhancing its technological capabilities. The pharma sector demands stringent temperature control and adherence to regulatory standards, making a robust and reliable cold chain essential. Celcius’s proprietary technology platform offers real-time temperature tracking, optimized route planning, and comprehensive end-to-end visibility, ensuring the safety and quality of sensitive pharmaceutical products, including crucial medicines and vaccines, throughout their journey.
The company’s “digital-first” approach is central to its operations. Its integrated technology suite encompasses transport, warehouse, and inventory management systems, facilitating seamless coordination among manufacturers, transporters, and warehouse partners. This unified digital interface is a key differentiator, enabling Celcius to orchestrate complex logistics operations efficiently.
Celcius Driving Growth and Addressing a Critical Need
Celcius has demonstrated impressive growth, reporting a 2.5x annual revenue increase since 2021. This growth is fueled by the increasing demand from fast-moving consumer goods categories and the effectiveness of its tech-driven logistics solutions. Industry experts and investors recognize the vital role of a strong cold chain infrastructure in supporting India’s rapidly expanding food and pharma markets.
As Ernest Xue, Managing Director at Eurazeo, aptly stated, “India’s cold chain inefficiencies have historically constrained the flow of food and pharma products, leading to massive wastage and economic losses… As climate volatility accelerates, tech-led cold chain infrastructure is not a luxury but a necessity.” Jinesh Shah, Managing Partner at Omnivore, echoed this sentiment, highlighting Celcius’s potential to provide “energy-efficient, climate-resilient solutions in a warming world.”
With this significant funding, Celcius Logistics is well-positioned to scale its operations to over 1,000 cities, deepen its technological edge, and strengthen the critical infrastructure required for the efficient and reliable movement of temperature-sensitive goods across India. The company’s focus on innovation and its commitment to addressing a fundamental logistical challenge hold immense promise for the future of India’s supply chain.
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