Mumbai Angels Network, a premium startup investment platform for early-stage venture investments, along with Huddle, Lumis Partners, and other investors from Nigeria, Malaysia, and the US, has invested USD 500,000 in Celcius, a cold chain marketplace startup, as a part of its seed round of funding.
The Mumbai-based startup will be utilizing the freshly infused capital to increase its reach across different cities as well as remote areas in the country aside from expanding its team and setting up headquarters in other cities to provide better localized cold chain solutions. Celcius also aims to expand its offerings by including a Transport Management System (TMS) and Warehouse Management System (WMS), thereby making the company a one-stop solution for all cold chain requirements.
Swarup Bose, Founder & CEO of Celcius said, “Celcius has grown remarkably over the last 8 months, and we are thrilled to have secured funding from marquee investors who will be backing us in our journey. The funding will help us expand our footprint and scale the business and make cold chain products easily accessible across India. Through the expansion, we also plan to delve deeper into the segment by gaining more insights about other innovative cold chain solutions that we can offer, ultimately making our services all-encompassing.”
Commenting on the investment, Nandini Mansinghka, Co-Founder & CEO – Mumbai Angels Network said, “The past year has seen an uptick in demand for efficient cold-chain facilities and Celcius has been doing commendable work in the space by ensuring operational efficiency and cost optimization while also focussing on customer satisfaction and a tech-powered approach. We believe that this funding will enable them to further bolster their offerings and scale their business, thereby driving the growth of the cold-chain aggregation space overall.”
“Celcius is developing a full-stack (first mile, warehousing to the last-mile) marketplace for cold chain logistics. It’s a high conviction bet as I see a perfect founder’s market fit in a space that has been largely ignored in the country until recently. Early traction proves product validation and with their Vahan Vikas Yojana scheme, they are addressing the reefer supply gap and building a deep moat”, shared Siddharth Sirigeri, Active Angel Investor and deal lead for the funding round.
Adding to this, Abhishek Mittal, Active Angel Investor and deal lead said, “Celcius is building a solid value proposition for all its stakeholders by adopting technology to solve inefficiency, transparency, discovery and provide quality assurance in the cold chain logistics market while aggregating fragmented demand and supply across regions. Their tech-first approach and consumer-centricity were what led us to invest. We are happy to be a part of their growth journey.”
The only cold chain aggregator platform in India providing end-to-end cold chain solutions, Celcius has a unique SaaS-based platform that enables various cold chain entities to collaborate seamlessly. Largely handling shipments in pharma, dairy, seafood, and fresh produce, amongst other categories including the import of certain perishables, Celcius has so far shipped around 5000 tonnes of perishable cargo across the country. The platform has expanded its reach to 90+ cities over the past 8 months.
About Mumbai Angels Network:
Started in 2006, Mumbai Angels Network is India’s premier platform focused on new venture investing. Mumbai Angels today has a 160 strong portfolio across sectors and cities across India. Of the overall portfolio the platform has exited/ secured the next round of funding for 60 of them. Today the platform has 550+ investors spread across 40+ cities within and outside India.
Categories: Venture Capital