Mumbai Angels Network, a startup investment platform for early-stage venture investments, along with Huddle, Lumis Partners, and other investors from Nigeria, Malaysia, and the US, has invested $500,000 in Celcius, a cold chain marketplace startup, as a part of its seed round of funding.
The Mumbai-based startup will be utilising the freshly infused capital to increase its reach across different cities as well as remote areas in the country, apart from expanding its team and setting up headquarters in other cities to provide better localised 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 and CEO of Celcius, said,
“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.”
“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 optimisation while also focussing on customer satisfaction and a tech-powered approach. We believe 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. Its tech-first approach and consumer-centricity were what led us to invest.”