Cold chain marketplace Celcius raises undisclosed amount in seed funding round

May 12, 2021: Cold-chain marketplace startup, Celcius, announced that they have received an undisclosed amount as seed funding in a round led by Mumbai based Eaglewings Ventures Alliance Network (EVAN), Venture Capital & Private Equity firms MaGEHold, Keiretsu Forum and other investors.

The six-month-old startup was founded by Swarup Bose along with co-founders, Rajneesh Raman, and Arbind Jain in November 2020 with a vision to bridge the gap between shippers and transporters across the country by effectively utilising the existing infrastructure.

The Celcius platform serves as a unique aggregator platform that offers solutions for both Reefer logistics and cold storage warehousing. With the business model validated, this round of seed funding will be utilized to further scale up the partner base, enhance the tech platform, and expand geographically.

Swarup Bose, founder and CEO, Celcius, said, “In a short span of six months, we have transported over 2,800 tonnes of perishable cargo for sectors like dairy, pharma, fruits, and seafood across 85 cities in India and have also ventured outside the country. Our aim is to build a technology-driven solution to the problems of the conventional cold-chain network in India.”

There has been an increase in demand for cold chain solutions in India in the wake of the pandemic. The nation’s most pressing requirement - the COVID-19 vaccine is heavily dependent on a robust and seamless cold-chain network for effective distribution. Apart from this, most customers have also moved online in pursuit of contactless options to procure their day-to-day needs. Therefore, it is also a crucial requirement at this point to ensure that people can stay indoors and yet have access to fresh provisions.

Atul Javeri, CEO, EVAN, Mumbai said, “As our first foray into the cold-chain logistics segment, we are extremely delighted to support the Celcius mission of seamless and efficient deliveries of temperature-sensitive products. From incubating the company to becoming investors on board this year, we want to stay committed to the team and look forward to actively supporting their growth.”

Poojit Jain, angel investor, EVAN, said, "India lacks the cold chain infrastructure and now with the backdrop of Covid-19, Celcius is at the right place at the right time. From facilitating vaccine delivery, curbing food wastage, empowering regional transporters to build a last-mile delivery network, Celcius is ensuring an impactful presence in the ecosystem. With an experienced and mature team, there is a tremendous potential for them to grow.”

Bowie Lau, MD, MaGEHold, Singapore, said, “Cold storage supply chain is a critical yet challenging part of a country’s growth infrastructure. It ensures a longer shelf life for perishable and temperature-sensitive goods and allows the distribution of such products even to the hinterlands. The team at Celcius have uniquely solved this challenge by establishing a pioneering Cold-Chain Online Marketplace for a complete cold storage supply chain in India. Also, within a short period, we were able to establish a good working relationship with the founder and are excited to become part of the Celcius story. We look forward to actively supporting their growth and expansion plans in India and beyond.”