India’s Celcius Logistics, an aggregator providing end-to-end cold-chain solutions, on Tuesday said it has raised Rs 250 crore ($29.5 million) in its Series B round of funding through a combination of equity investment, debt financing, and secondary transactions, as it looks to expand its network.
Equity investors Eurazeo and Omnivore co-led the round, which saw participation from existing investors IvyCap Ventures, along with debt partners including Trifecta Capital, Lighthouse Canton, BlackSoil, UCIC, and GetVantage, among others.
Celcius Logistics’s proprietary tech solutions claim to address critical industry needs, such as food safety, temperature control, and end-to-end monitoring of sensitive shipments, all while reducing wastage and maintaining quality.
With the newly raised funds, it aims to expand its network to more than 1,000 cities in India and enhance its technology platform to meet the growing demand for temperature-sensitive logistics across multiple sectors. It currently operates in 600 cities with a network of over 4,000 vehicles and 150 cold storage and distribution facilities.
In May 2024, Celcius Logistics secured about Rs 40 crore in its pre-Series B funding round led by existing investor IvyCap Ventures and raised Rs 100 crore in its Series A funding round in April 2023. To date, the company has raised around Rs 390 crore.
“India’s fragmented cold-chain ecosystem has long constrained the flow of critical products such as food and pharmaceuticals across the country, resulting in significant economic and access inefficiencies. 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,” Ernest Xue, Managing Director at Eurazeo and newly appointed director on Celcius’s board; Julien Mialaret, Operating Partner; and Matthieu Bonamy, Partner at Eurazeo, said in a statement.
As digital commerce and last-mile delivery services continue to grow, the Indian logistics sector is increasingly evincing investor interest.
Among those who have raised capital recently, Leap India reportedly secured Rs 535 crore from Sixth Sense, FirstBridge India, and Madhurima International in 2024. This year, Emiza garnered Rs 100 crore in a Series C round led by Evolvence India and Mirabilis Investment Trust, while IPO-bound Shadowfax raised Rs 34 crore in fresh funding.
The UK-based private equity (PE) giant Apax Partners is in talks to invest in India’s SmartShift Logistics Solutions, which owns on-demand intra-city logistics unicorn Porter, DealStreetAsia reported last month.
Most recently, India’s cross-border logistics firm Xindus raised $10 million in its Series A round of funding, led by domestic early-stage venture capital firm 3one4 Capital.
