Celcius Logistics (Celcius Logistics Solutions Private Limited) is a Navi Mumbai-based cold-chain logistics marketplace and third-party logistics provider offering temperature-controlled transport, storage and hyperlocal delivery across India.

This Startup Deep Dive explains what Celcius Logistics does, how it makes money, who backs it, how it compares with rivals and what could go wrong, using publicly available information. It is educational and not investment advice. Last updated: October 2026.

Celcius Logistics in Brief

• What it is: Celcius Logistics is an Indian Cold-chain logistics company based in Navi Mumbai.
• Who it serves: businesses, institutions, consumers, learners and public-sector buyers.
• Provides temperature-controlled transportation, cold storage and live tracking for perishable goods.
• Runs a cold-chain 3PL model with its own TMS, WMS and IMS technology to coordinate manufacturers, transporters and warehouses.
• Reported scale: 600+ cities, 4,000+ vehicles, 150 cold storage facilities and 250 hyperlocal riders.
• Funding: About Rs 390 crore (one report); $52.2 million per another database; reports differ.

Celcius Logistics Quick Facts

Figures marked “reported” come from published reports and may differ between sources; “Not disclosed” means no reliable public figure was found.

What Is Celcius Logistics?

Celcius Logistics operates in the Cold-chain logistics space in India. Understanding a company like this starts with three questions: who is the customer, what painful problem is being solved, and why the solution is better than the alternatives. The sections below apply that lens to Celcius Logistics.

• Provides temperature-controlled transportation, cold storage and live tracking for perishable goods.
• Runs a cold-chain 3PL model with its own TMS, WMS and IMS technology to coordinate manufacturers, transporters and warehouses.
• Reported scale: 600+ cities, 4,000+ vehicles, 150 cold storage facilities and 250 hyperlocal riders.
• Clients include Blinkit, Zepto, Zomato, Domino's, Keventers and Baskin Robbins.
• Has expanded into pharma logistics, said to be roughly 30% of business by one source.

The Origin Story of Celcius Logistics

Every company starts from a noticed gap and a team willing to commit to closing it. Strong origin stories are specific: a clear problem, a founding team with relevant skills, and an early product that real customers could test. Founder-market fit, meaning the team’s lived experience or technical depth in the domain, tends to predict how fast a young company learns.

• Founders: Arbind Jain, Rajneesh Raman, Swarup Bose.
• Incorporated in 2020; the software concept was finalised during the Covid lockdown.
• Three founders are named by most sources; some profiles name only two. Roles include CEO Swarup Bose.
• Headquarters reported as Navi Mumbai or Mumbai, which appear to be the same metropolitan base.

Key Milestones and Challenges

No startup grows in a straight line. Early years usually involve slow adoption, product rewrites, hiring mistakes and funding gaps. In the Cold-chain logistics sector the common turning points are a first paying customer, a regulatory approval, a successful product demonstration or a funding round that lets the team invest ahead of demand. How a team responds to setbacks says more about resilience than any single headline.

• 2020: Company incorporated.
• May 2021: Seed funding recorded.
• January 2022: Raised $4.5 million from Lumis Partners, Z Nation Lab and angels.
• April 2022 and 2023: Further rounds including Rs 100 crore led by IvyCap Ventures.
• May 2024: Rs 40 crore pre-Series B led by IvyCap Ventures.
• May 2025: Rs 250 crore Series B co-led by Eurazeo and Omnivore.
• Series B proceeds earmarked for expansion to 1,000+ Indian cities.

Celcius Logistics Funding and Investors

Funding history shows how much outside confidence a company has attracted and how long it can operate before needing more capital. Figures below are reported and may differ between sources; valuation figures are estimates unless the company has confirmed them.

• Seed (2021): Mumbai Angels, VCats, Endiya Partners among backers.
• January 2022: $4.5 million from Lumis Partners, Z Nation Lab and angel networks.
• 2023: Rs 100 crore round led by IvyCap Ventures.
• May 2024: Rs 40 crore pre-Series B led by IvyCap Ventures.
• May 2025: Rs 250 crore Series B co-led by Eurazeo and Omnivore, with IvyCap Ventures participating.

How Does Celcius Logistics Make Money? (Business Model)

A business model describes who pays, how often and how much it costs to serve them. Strong models show repeat usage, improving margins with scale and acquisition channels that do not depend only on paid spend. Weak models show one-off sales, rising costs and growth that stops when spending stops. For companies selling to businesses, institutions, consumers, learners and public-sector buyers, sales cycles and contract size matter as much as headline growth.

• Asset-light aggregator and two-sided marketplace connecting shippers and transporters.
• Revenue from booking fees charged to shippers and transporters.
• Partners with local entrepreneurs for cold storage, fleet operations and manpower.
• In-house TMS, WMS and IMS platform for operations.

The Numbers: Celcius Logistics Financials

Financial figures show whether growth is turning into a self-sustaining business. Small and private companies often disclose little, so any number below is included only if it was found in public reporting.

• FY23: revenue about Rs 42.7 crore.
• FY24: revenue about Rs 90.9 crore (up about 113%), net loss about Rs 23.1 crore, estimated EBITDA loss about Rs 21.7 crore (aggregator estimates; company had not filed FY24 and FY25 reports as of May 2025).
• FY25: not available in sources read.

Market Opportunity for Celcius Logistics

Market size is easy to exaggerate, so a useful approach separates the total market from the portion a company can realistically reach with its current product and distribution. The main forces behind demand in this sector are rising digital adoption, cloud and mobile penetration, growing enterprise technology spending, government digitisation programmes and a deep pool of engineering talent. Each of these widens the opportunity, but capital efficiency and execution decide who captures it.

• India's cold chain is fragmented, with demand from quick commerce, food delivery and pharma.
• Company claims about 2.5x yearly growth since 2021.

Technology and Product at Celcius Logistics

Technology is rarely the whole moat, but it drives speed, cost and customer experience. A practical way to assess it is to separate the capability the company controls from the commodity infrastructure it rents. In this sector the important factors are product quality, data and integration depth, security, scalability and the speed of shipping improvements.

• Proprietary transport, warehouse and inventory management systems.
• Live tracking of temperature-controlled consignments.

Team and Culture at Celcius Logistics

Teams are the most important and least measurable asset of a young company. Look at how complementary the founders’ skills are, how deep the second layer of leadership is, and how the company hires and retains specialists. Culture shows up in small repeated behaviours: how quickly bad news travels upward and whether commitments to customers are kept.

• Co-founders Swarup Bose (CEO), Arbind Jain (reported CTO) and Rajneesh Raman (reported COO).

Celcius Logistics Competitors: Competitive Landscape

A fair competitive analysis names direct rivals, adjacent players who could move into the space, and the customer’s default alternative. Durable advantages include proprietary data or technology, licences and approvals, brand trust, switching costs and cost leadership.

Risks and Challenges for Celcius Logistics

• Heavy losses (about Rs 23 crore in FY24) relative to revenue.
• Financial filings for FY24 and FY25 were reported as not yet filed.
• Dependence on quick-commerce clients.
• Competition from established cold-chain players.
• Competition: low barriers to entry and well-funded rivals can compress pricing and slow growth.
• Funding risk: technology businesses often burn cash before reaching profit and depend on investor appetite.

Risk is not a reason to avoid a company; it is a reason to price it correctly and to monitor the right indicators over time. Regulation in this sector is shaped by data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules.

Celcius Logistics Growth Outlook: What to Watch

• Plans expansion to 1,000+ cities and technology upgrades using Series B funds.
• Key indicators: recurring revenue, customer retention, gross margin, customer acquisition cost and runway.
• Funding position: Whether Celcius Logistics can reach its next milestone before needing new capital.
• Regulation: Changes from data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules.

Industry Context: Where Celcius Logistics Fits

India's technology startup ecosystem is one of the largest in the world, supported by cheap data, a large base of smartphone users, digital public infrastructure and a deep engineering talent pool. Companies now build for education, software, mobility, logistics, agriculture, defence, media and more, selling both to Indian customers and abroad.

Durable technology companies usually combine a clear customer problem with repeatable distribution and disciplined unit economics. Growth funded only by spending tends to fade, while products that customers keep using and paying for build compounding advantages.

For readers new to this field, a useful habit is to separate announcements from evidence. A plan, a partnership or a funding headline describes intent, while a delivered product, a paying customer or an audited financial statement describes results. Comparing the two over time shows how reliably a company turns promises into outcomes.

Bull Case and Bear Case for Celcius Logistics

An investment thesis is a short, testable statement of why a company could become far more valuable, together with what evidence would prove it wrong. The points below are general to this sector and are not forecasts for Celcius Logistics.

Bull case

• A large and growing base of digital users and businesses expands the addressable market.
• Recurring revenue and strong retention can compound growth.
• Selling into global markets widens the opportunity beyond India.

Bear case

• Heavy competition can compress pricing and margins.
• Dependence on external funding can force painful cost cuts.
• Regulation or platform changes can disrupt a product quickly.

Lessons Founders and Investors Can Take from Celcius Logistics

Studying a company in the Cold-chain logistics space offers lessons that go beyond any single firm. The points below are general lessons for the sector and are not claims about Celcius Logistics.

• Solving a clear, frequent customer problem matters more than adding features.
• Retention and repeat usage are better health signals than sign-ups.
• Disciplined spending extends runway and keeps options open when funding tightens.
• Distribution, not just product quality, decides who wins in crowded markets.
• Building trust through data protection and reliability is part of the product.

How to Evaluate Celcius Logistics as a Startup

• Customer clarity: Can Celcius Logistics name its customer and the problem it solves in one sentence?
• Evidence of demand: Look for repeat customers, signed contracts or measurable usage rather than announcements alone.
• Economics: Check whether margins improve as volume grows.
• Execution: Compare announced timelines with what has actually been delivered.
• Funding runway: Estimate how long current capital lasts at the present spending rate.
• Regulatory standing: Confirm required approvals are in place.
• Customer concentration: Check whether a few customers account for most of the revenue.
• Management depth: Look for experienced leaders beyond the founders and a stable core team.

The Takeaway

Celcius Logistics is part of India’s growing Cold-chain logistics ecosystem. The useful lesson from studying it is the discipline of asking structured questions about customers, economics, advantage and resilience. Companies that answer them well, repeatedly and under pressure are the ones that endure. Readers should treat any single report, ranking or funding headline as one input among many, and should re-check key facts against recent company announcements. Because public information on young companies is often limited, patience in verifying claims is part of good analysis. Public sources can also describe the same company in different ways, so it is worth checking dates, definitions and whether a figure refers to revenue, total income or transaction value, and whether it covers one entity or a wider group, before drawing conclusions. Small differences in rounding, currency conversion or reporting periods can also change how a figure reads. Comparing the same figure across several recent reports helps show whether it is stable or has changed over time. This article is educational and is not investment advice.

• Clear customers and repeat demand matter more than announcements.
• Regulation and capital needs shape how fast a startup in this sector can grow.
• Track a few leading indicators over time rather than one headline metric.

Celcius Logistics FAQs: Frequently Asked Questions

What is Celcius Logistics?

Celcius Logistics (Celcius Logistics Solutions Private Limited) is a Navi Mumbai-based cold-chain logistics marketplace and third-party logistics provider offering temperature-controlled transport, storage and hyperlocal delivery across India. It is profiled in the Startup Deep Dive series, which explains business model, funding, competitors and risks.

Who founded Celcius Logistics?

Celcius Logistics was founded by Arbind Jain, Rajneesh Raman, Swarup Bose, and the company reports a founding year of 2020.

How much funding has Celcius Logistics raised?

About Rs 390 crore (one report); $52.2 million per another database; reports differ. Funding figures are reported and may differ between sources, so readers should check the latest company announcements.

How does Celcius Logistics make money?

Celcius Logistics earns revenue from its Cold-chain logistics products and services sold to businesses, institutions, consumers, learners and public-sector buyers. The exact revenue mix is described in the business model section and is not fully disclosed publicly.

Who are the competitors of Celcius Logistics?

Reported rivals include Snowman Logistics, Coldrush Logistics, Stellar Value Chain, Tessol. See the competitor comparison above for how they differ.

What are the main risks for Celcius Logistics?

Main risks include competition: low barriers to entry and well-funded rivals can compress pricing and slow growth, funding and capital needs, competition and regulation by data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules. This is educational content, not investment advice.

Related Startup Deep Dives: InShorts — FY24 revenue Rs 181 crore, net loss Rs 228 crore (down 26%); last round $60 million led by Vy Capital | Dogsee Chew — Raised $8 million Series B led by Ektha in Feb 2025; FY24 revenue Rs 53.76 crore with Rs 27.73 crore loss. Browse the full Startup Deep Dive series.

Source

Source: Publicly available data, published reports, industry research, and other credible sources.