Celcius raises $4.5 million from Mumbai Angels, others in latest funding round

Cold chain marketplace Celcius raised $4.5 million from Mumbai Angels, Supply Chain Labs, Endurance Capital, VCats, Keiretsu Forum, Huddle and EVAN in its latest funding round. This is a part of the bigger Series A funding round of USD 10Mn in progress.

The funds will be used to build its tech, sales and operations teams while expanding its geographical footprint to over 500 cities this year. It will also be used to create development programs to assist transporters across the country.

Based in Mumbai, Celcius is one of the only cold chain aggregator platforms in India providing end-to-end cold chain solutions. The company’s target sectors include dairy, pharma, fresh produce, exports of fruits, seafood, and even distribution of the COVID-19 vaccine.

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 remarkably well in connecting shippers and transporters across India seamlessly."

“We are extremely grateful to the investors for believing in our vision and helping us further our goal of creating a nationwide cold chain network. 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,” added Swarup Bose, Founder and CEO of Celcius.