“We closed our series A funding early this year where we raised Rs100 crore and we have just started talking about series B. I think that is going to take 6-8 months. We are looking to finalise the next round of funding with a few potential investors that we are talking to and that should close in about 8-10 months. That would be the official series closure,” Bose told ET Infra.
Speaking about the Rs 100 crore that the company has raised and the status of those money at the moment, Bose said, “The funds have been used for expanding the team. From the time we have raised funds, our team has grown almost double. We have expanded in many regions, we have opened up new transporter channels, and we have been able to support smaller transporters for their growth”.
“Maximum of our funds are always deployed towards the betterment of the transporters. Instead of spending too much on marketing, campaigns etc, we concentrate more on enriching the lives of transporters. We fund them with the fuel, toll, occasional expenses they have while running a vehicle. Large portion of the fund is spent there,” he further said.
Celsius, according to Bose, has invested in creating new technology, such as launching its own warehouse, which significantly expands the range of service offerings. “A lot of technology is developed with the money we received,” he noted.
Celsius India has presence in 350 cities and expanding, going from operating 10 trucks per week to 100 trucks per week. The company will focus on growing its offerings in the cities where it is currently present, rather than expanding into new locations.
“We are working very closely with Shriram Finance for our transporters and with Ashok Leyland, which helps our transporters get better package solutions from Celcius for buying and servicing of vehicles making it easier for them,” Bose stated.
“We have eight offices in eight cities. There are 180 of us in all. 400 individuals who work closely with us. We can grow to 250 employees in the upcoming year, and we will supply 1,000 workers throughout India,” he added.
The Indian cold chain market is estimated to have grown to a size of Rs 1,81,490 Cr in 2022, and it is projected to reach Rs 3,79,870 Cr by 2028, with a compound annual growth rate (CAGR) of 12.3 percent between 2023 and 2028, according to Market Research Firm IMARC.
