Mumbai-based Celcius raises Rs 100 cr from IvyCap Ventures in Series A funding

Early-stage investor IvyCap Ventures has led a Series A funding round worth Rs 100 crore in cold supply chain start-up Celcius. The funding will be used to introduce some tech-based innovative products that fill the gaps in the traditional cold storage chain ecosystem along with expanding the company’s operational presence, its founder and CEO, Swarup Bose, told Business Today.

Other investors who participated in the round include Huddle, Vcats, Mumbai Angels, and other existing ones. Tej Kapoor, Managing Partner at IvyCap Ventures will be joining Celcius’ board on behalf of IvyCap Ventures as part of this deal.

Celcius was started in 2020 by Bose. The cold chain marketplace start-up raised Rs 35 crore last year from Mumbai Angels, Huddle, and other investors.

Commenting on the fundraise, Bose told BT: “The cold storage network has been operating offline for the past 15-20 years. We aim to build a tech-based supply chain network. To make it happen, we will deploy the funds to introduce some new innovative tools that solve the problems within supply chains as well as expand our operational presence.”

Currently, the start-up is operational across 350 cities and has a fleet of over 4,500 vehicles. It also has a network of 107 cold storage facilities and over 100 hyperlocal riders.

“We are an end-to-end solutions provider for perishable products,” Bose said adding, “apart from monitoring data, we have to ensure that the journey is successful. Our tech stacks helps in ensuring that products are reaching fine, they are stored at the right temperature, and wastage is minimum in the process”.

From Guwahati to Coimbatore, the start-up caters to customers in various Tier II and III cities and aims to strengthen its presence in these cities as well, Bose said. It counts new-age as well as traditional businesses such as Zepto, Zomato, and Vadilal, among others in its clientele.

Vikram Gupta, Founder and Managing Partner at IvyCap Ventures Celcius has a very “innovative approach.” He did not reveal the valuation at which the funding was raised but said, “Given its focus and the expertise of the team, we are confident that Celcius will emerge as the leading brand in this space.”

The Mumbai-based venture capital firm has invested in start-ups such as Purplle, Biryani By Kilo, Miko, among others.

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