Celcius Logistics announced on April 10 that it had raised Rs 100 crore in a Series A round led by IvyCap Ventures. The cold chain market said it would use the funds for technological innovations to address fragmented supply chains and reduce waste.

Earlier, the company raised Rs 35 crore from investors, including Mumbai Angels, Supply Chain Labs, Endurance Capital, VCats, Huddle and Eaglewings Ventures (EVAN).

Celcius is an asset-light platform with more than 4,500 refrigerated vehicles, 107 cold storage facilities, 7 distribution centres and 150 hyperlocal riders in more than 350 cities.

The Celcius platform provides end-to-end cold chain solutions for all stakeholders, including transportation, warehousing, last mile and hyperlocal delivery.

As a cold chain supply chain management solution, Celcius helps users explore, book, monitor and receive real-time cold chain updates and analytics.

Swarup Bose, founder and CEO of Celcius, said: “We recently launched smart solutions to meet the specific needs of last-mile delivery and hyperlocal cold chain transportation. After raising more funds, we aim to expand our business further, building a seamless, truly uninterrupted cold chain supply chain, ensuring food security for all.”

According to recent reports, India’s cold chain system is inefficient, including in industries such as food and pharmaceuticals. Currently, food in the cold chain is lost at $14 billion annually, with vaccine losses accounting for about 29% due to damage and temperature changes during transportation.

The technological solutions used by Celcius have been meeting the challenges of all stakeholders, such as manufacturers, small shipping companies and consumers.

Vikram Gupta, Founder and Managing Partner IvyCap Ventures Pvt Ltd, said, “We are delighted to partner with Celcius Logistics, a company that is revolutionising the cold supply chain industry with its innovative approach. Given its focus and the expertise of its team, we believe Celcius will become the leading brand in this field.”

IvyCap Ventures Managing Partner Tej Kapoor will represent IvyCap Ventures on the Celcius Board of Directors.

Celcius’ clientele has grown 20 times over the past year, including Zepto, Zomato, Maersk, Prabhat Dairy, Baskin Robbins, Vadilal, Domino’s, Keventers and Godrej Agrovet.

Celcius has moved over 1.25 lakh tonnes of perishable goods for industries including dairy, fresh produce, pharmaceuticals, fruit, seafood and vaccines. The start-up has also ventured into cross-border operations to enable the import and export of products such as exotic fruits and seafood.