Celcius Logistics has raised approx USD 30 million (INR 250 crore) in its Series B round. The round is an equal mix of equity and debt and was led by Eurazeo, a European investment firm and Omnivore, an Indian agritech focused venture capital firm. IvyCap Ventures, a returning investor also participated. Debt portion saw participation from Trifecta Capital, Lighthouse Canton, BlackSoil, UCIC and GetVantage.

With this round, Celcius has raised a total of INR 390 crore since inception in 2020. This includes INR 40 crore pre-Series B round in May 2024 and earlier investments from Mumbai Angels, VCats and Endiya Partners.

Dual-Focus Capital Deployment: Growth & Operations

Celcius Logistics plans to deploy the equity component of this round to expand its footprint across over 1,000 Indian cities—particularly targeting underserved Tier III and IV markets. CEO and Founder Swarup Bose confirmed that the debt funding will be channelled into working capital needs such as workforce training, vehicle operation, and warehouse management.

“The funding comes at a pivotal time,” Bose said. “We’re scaling our operations, strengthening our verticals, and enhancing our proprietary tech stack. Our long-term vision is to create the most comprehensive, tech-first cold chain ecosystem in India.”

The Expansion Imperative

Celcius currently operates in over 600 cities with a fleet of more than 4,000 refrigerated vehicles, 150+ cold storage and distribution facilities, and a hyperlocal delivery fleet of 250 riders. The company aims to increase this coverage to 1,000 cities by the end of FY25.

A key component of this expansion is its push into non-metro markets. Historically underserved, these regions have experienced a surge in demand for cold storage and transport infrastructure. Bose noted that Celcius’s strategy involves forging partnerships with local entrepreneurs to establish cold storage, fleet operations, and manpower supply—enabling an asset-light model.

Tech-Driven Backbone

From its inception, Celcius Logistics has been a tech-first company. Its proprietary platform includes a Transport Management System (TMS), Warehouse Management System (WMS), and Inventory Management System (IMS), built entirely in-house. These systems enable seamless coordination across shippers, transporters, and warehousing partners.

Future plans include white-labelling this platform as a SaaS product for other logistics providers. With growing data capabilities, Celcius is now embedding AI for route optimization and operational efficiency, and exploring blockchain integrations for pharmaceutical-grade traceability.

Pharma & D2C: High-Growth Verticals

While Celcius Logistics began with a focus on frozen food logistics, it has rapidly diversified into pharmaceuticals—a segment now contributing roughly 30% of its business. The company facilitates temperature-sensitive shipments like vaccines, insulin, and blood samples for some of India’s top pharma players.

In 2024, Celcius also launched its ‘New Age’ vertical, designed to serve small and regional D2C brands with micro-load logistics (as low as 50–100 kg). These services rely on a multi-modal model leveraging road, rail, air, and its network of 65+ dark stores for last-mile delivery.

This initiative supports over 160 small-scale brands—from legacy sweet shops in Varanasi to farmer-led produce labels in Bihar—bridging a crucial gap in cold chain access for SMEs.

Competitive Landscape & Clientele

Celcius Logistics faces competition from players like Snowman Logistics, Coldrush Logistics, Tessol, Stellar Value Chain, and TCI Cold Chain Solutions. However, its integrated tech ecosystem and strategic focus on underserved markets give it a distinct edge.

Its client roster includes high-frequency names such as Blinkit, Zepto, Zomato, Domino’s, Baskin Robbins, Keventers, SpiceJet, Maersk, Godrej Agrovet, and Reliance Pharma. The company claims a 2.5x year-on-year revenue growth since 2021 and reported a 10–12% improvement in its bottom line for FY25, although formal filings for FY24 and FY25 are pending with regulatory bodies.

Industry leaders and investors are demanding for robust cold chain infrastructure as climate volatility and supply chain decentralisation grows. “As global demand for resilient logistics increases, platforms like Celcius will be key to reducing waste, increasing access and driving efficiencies,” said Ernest Xue, Managing Director at Eurazeo.

Conclusion

With a mix of technology, targeted growth and a mission to support small businesses, Celcius Logistics is not only filling India’s cold chain gaps but also positioning itself as a future-proof logistics player. The INR 250 crore Series B is more than a fundraise – it’s a bet on the next big thing in smart logistics. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.