Cold-chain logistics provider Celcius Logistics has raised 250 crore rupees (US$30 million) in its series B funding round, which includes an equal mix of equity and debt.

The equity portion was co-led by Eurazeo and Omnivore, with participation from IvyCap Ventures. The debt component included contributions from Trifecta Capital, Lighthouse Canton, BlackSoil, UCIC, and GetVantage.

The Mumbai-based company plans to use the equity funding to expand operations in tier III and IV markets and enter the pharmaceutical sector.

Additionally, the debt funding will support the company’s working capital needs.

Founded in 2020, Celcius operates a digital platform that connects shippers and transporters, providing temperature-controlled logistics solutions.

🔗 Source: Inc42

🧠 Food for thought

1️⃣ India’s cold chain startups ride global market surge with strategic positioning

Celcius’s funding comes amid a high-growth phase for the global cold chain logistics market, which is projected to grow from USD 275 billion in 2023 to USD 490 billion by 20291.

The rapid expansion reflects the increasing demand for temperature-controlled logistics solutions, particularly for perishable goods and pharmaceuticals across developing markets.

While established players like Americold operate over 150 facilities globally with extensive capital investments2, Celcius has built a network of 150+ cold storage facilities in just four years since its 2020 founding.

The startup’s focus on tier III and IV markets strategically targets underserved regions where traditional cold chain infrastructure has been limited but demand is growing rapidly from quick commerce players.

This approach aligns with broader industry trends where cold chain providers are expanding beyond metropolitan areas to support the increasing need for temperature-sensitive product distribution in previously underserved regions.

2️⃣ Asset-light models gain traction in capital-intensive cold chain sector

Celcius’s approach of partnering with local entrepreneurs rather than building owned infrastructure represents a significant shift in the traditionally asset-heavy cold chain industry.

This contrasts with established companies like Americold Realty Trust, which operates as a REIT specializing in temperature-controlled infrastructure with direct ownership of facilities2.