Tessol, a Mumbai-based startup in the CleanTech-led cold chain logistics space, has recently raised an undisclosed amount in follow-on equity funding from early stage venture capital firm 1Crowd, and existing investors Infuse Ventures and Ankur Capital.
Founded in 2013 by IIT Delhi – Harvard alumnus Rajat Gupta, Tessol (Thermal Energy Service Solutions Private Limited) aims to revolutionize the cold chain distribution in India using its proprietary “Energy Storage” technology based solutions. These products and solutions, while being environmentally sustainable, reduce the lifetime cost of cooling by more than 50% therefore making cold chain on low value products viable. Over the last few years, TESSOL has developed solutions ranging from farm level collection to home delivery and works with the largest FMCG, food processing and e-commerce players in India. Funds raised in this round would be utilized by TESSOL for strengthening the current product suite and bringing some disruptive products that were under development to pilot and commercialization.
It may be recalled that, last year in May, the startup was among the 6 winners of the Startup Energy Transition Awards organised by the Deutsche Energie–Agentur, the German Energy Agency (dena) for recognizing innovative business ideas in clean tech and energy transition area from across the world.
“There are huge gaps in the Indian food supply chain and while there are several cold chain products available in the market, there is a dearth of viable solutions. At TESSOL, we believe in partnering with our customers and working out system level solutions that can drastically impact costs while improving the performance,” said Rajat Gupta, CEO of Tessol, who has several years of past industry experience.
“We see Tessol occupy a sweet spot at the intersection of India’s underserved cold chain architecture and a vacuum in environmentally-friendly clean energy solutions. Tessol’s farm-to-fork product range serves myriad use cases, application segments and customer profiles, and the breadth and depth of their client roster bears ample testimony to the efficacy of their innovation-driven offerings,” said Anil Gudibande, co-founder of 1Crowd.
“Tessol is one of the very few innovation-driven cold chain product companies. With their superior energy-efficient technology, already adopted by many marquee clients across industries, the company is well-positioned to service the growing demand for cold chain infrastructure,” said Amber Maheshwari, Vice PresidentatInfuse Ventures.
“We are excited about the rapid growth in TESSOL’s range of cost efficient, high performance cold-chain solutions, which is bringing in new, quality-conscious customers across end-user segments. We believe TESSOL’s technology can, over the longer-term, aid significant reduction in losses in the agri/food chain from the current high levels,” said Krishnan Neelakantan, Senior Directorat Ankur Capital.
In April, 1Crowd led $650K investment of an another logistics segment startup, Mojro, a Bengaluru-based smart urban logistics platform, which offers a machine learning driven intra-city logistic planning and optimization.
Earlier this month, 1Crowd, along with government’s BIRAC, has invested undisclosed amount in Pune-based healthcare startup SynThera Biomedical Private Limited, which focuses on R&D, manufacture and commercialization of affordable biomaterials-based medical devices.
[Top Image Via – dena.de]