Celcius raises $4.5 mn in a Series A round led by Mumbai Angels

MUMBAI: Mumbai Angels has invested $1.5 million in Celcius, a cold chain marketplace as part of the larger bridge round of $4.5 million. Other notable investors, included Supply Chain Labs, Endurance Capital, VCats, Keiretsu Forum, Huddle and EVAN. This is a part of the bigger Series A funding round of $10 million in progress.

Celcius will leverage the fresh capital to build its tech, sales and operations teams while expanding its geographical footprint to over 500 cities this year. The platform will also use the funds to create development programs to assist transporters across the country.

In a statement, Nandini Mansinghka, Co-Founder and CEO of Mumbai Angels, said, “The events that have unfolded over the past couple of years have underscored the significance of a robust cold storage supply chain in the marketplace, especially with the increased requirements of the healthcare, pharma, and food industries, efficient cold chain marketplaces are crucial. Celcius has done well in connecting shippers and transporters across India seamlessly. We believe that this capital infusion will allow them to bolster their infrastructure and execute the intended expansion plan.

“The newly acquired funds will allow us to stay on the momentum of expanding our operations across the country. We plan on expanding our reach to over 500 cities and supporting the country by transporting Covid-19 vaccines and other essential perishables to remote locations. We also recently launched Vahan Vikas Samriddhi Program, through which we aim to financially support regional transport entrepreneurs and encourage them to venture into the cold chain segment. The acquired funds will help us further this initiative,” said Swarup Bose, Founder and CEO of Celcius, in a statement.

Based in Mumbai, Celcius’ target sectors include dairy, pharma, fresh produce, exports of fruits, seafood, and even distribution of the COVID-19 vaccine. Since its inception in late 2020, Celcius has expanded its reach to over 300 cities across India. The platform has on-boarded 2500+ vehicles, 107 cold storage facilities, covering primary to last mile distribution of perishables, increased operations, and grown 20X in 1 year. The company plans to raise a Series A round of $10 million in the coming months.


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