Cold chain aggregator Celcius Logistics raises Rs 250 crore in equity, debt
Celcius Logistics, an aggregator of cold chains in India, has raised Rs 250 crore in a funding round co-led by global investment firm Eurazeo and impact venture capital firm Omnivore.The round, which comprised a mix of equity and debt, also saw participation from existing investor IvyCap Ventures and debt partners including Trifecta Capital, Lighthouse Canton, BlackSoil, UCIC and GetVantage.
The company plans to use the proceeds to expand its network to more than 1,000 cities in India from the current 600 by the end of this financial year and enhance the technology platform."If you look back 10 years, the cold chain was not a very important part of logistics. Today, the government, investors and the market are all highly conscious of cold chain, sustainability, food security and food safety. There is a strong awareness and willingness to invest in this industry,' founder and chief executive Swarup Bose told ET.Bose said the company will use debt to meet its daily working capital needs, while equity funding is allocated towards expansion. The round also included a 5% secondary component, with early investors having part-sold their stake.
Founded in 2020, the Mumbai-based startup connects shippers and transporters, offering end-to-end cold-chain solutions, including last-mile and hyperlocal deliveries. It has a network of more than 4,000 vehicles and 150 cold storage and distribution facilities.
The company caters to clients in sectors such as ecommerce, quick commerce, pharmaceuticals, dairy, seafood, meat, hospitality and modern retail. Its clientele includes brands like Blinkit, Zepto, Zomato, Baskin Robbins, Domino's and Keventers.'We have brought in new avenues for cold chain transportation, such as part-load in railways and air cargo. We have also started hyperlocal riders. We are tracking, tracing and maintaining temperature throughout the journey and life cycle of a perishable item,' Bose said.It aims to have 750-1,000 riders by the end of this financial year from the current 250.
The startup generated revenue of about Rs 100 crore in FY24. 'We have had 2.5x year-on-year growth,' he added. It is yet to file its financial statements for FY25 with the Registrar of Companies.
The startup last raised Rs 40 crore in May last year, led by IvyCap Ventures. To date, it has raised a total of Rs 390 crore. 'As climate volatility accelerates and global demand for resilient infrastructure grows, there is a critical need for intelligent platforms that drive both decarbonisation and systemic reliability at scale,' said Eurazeo managing director Ernest Xue, who joined Celcius board.According to Jinesh Shah, managing partner at Omnivore, Celcius revolutionised cold chain logistics 'to meet the urgent need for energy-efficient, climate-resilient solutions in a warming world'.
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