Mumbai-based cold-chain logistics startup Celcius Logistics has announced a ₹250 crore ($30M approx.) Series B funding round, a blend of equity and debt aimed at strengthening its pan-India footprint—especially in non-metro markets—and scaling its digital cold-chain infrastructure.
The equity portion of the round was co-led by Eurazeo and Omnivore, with existing investor IvyCap Ventures also participating. On the debt side, key contributors included Trifecta Capital, Lighthouse Canton, BlackSoil, UCIC, and GetVantage.
CEO Swarup Bose confirmed that the round was evenly split between equity and debt, following months of investor discussions. The debt will support working capital needs, while the equity funding will fuel expansion into Tier III and IV towns and help Celcius enter high-potential sectors like pharmaceuticals.
Celcius’ decision to focus on underserved regions is rooted in a surge of demand from industries like agriculture, pharma, and quick commerce, where cold-chain infrastructure is lacking.
“Non-metros have traditionally suffered due to the lack of reliable cold storage and transport systems. We’ve seen increasing demand from clients in these areas, prompting us to double down,” said Bose.
The startup uses an asset-light model, building local cold-storage hubs through partnerships with regional entrepreneurs. It also heavily invests in training blue-collar workers to manage temperature-controlled environments and last-mile refrigerated delivery.
Founded in 2020, Celcius has built a technology-first platform that connects shippers, cold storage operators, and transporters through centralized digital booking and tracking. Its services cater to perishable-heavy industries such as:
Quick commerce (e.g., Zepto, Zomato)
Ecommerce
Agriculture & Dairy
Pharmaceutical logistics
Celcius currently operates a network of 150+ cold storage and distribution hubs, servicing 600 pincodes nationwide. It now plans to expand to 1,000 pincodes by the end of 2025.
Without disclosing revenue specifics, Bose noted that the company saw its top line grow by 2.5X in FY25, while achieving 10–12% improvement in profitability. Celcius is yet to file FY24 financials with the Ministry of Corporate Affairs.
This funding comes on the heels of Celcius’ ₹40 Cr pre-Series B round raised in May 2023, showcasing consistent investor confidence in the startup’s growth and strategic direction.
With India’s demand for temperature-sensitive logistics growing rapidly—especially in sectors like quick commerce and pharma—Celcius is well-positioned to fill a crucial infrastructure gap across the country’s next-tier markets.
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