Deeptech Cold Chain Startup Tan90 Raises $2.4 Mn in Series A Funding Led by NABVENTURE

In a significant boost to India’s sustainable logistics ecosystem, Tan90 Thermal Solutions, a deeptech startup revolutionizing cold chain technology, has secured ₹20 crore (~$2.4 million) in a Series A funding round led by NABVENTURES, the venture capital arm of NABARD. The round also saw participation from Blue Ashva Capital, Capital-A, and 3i Partners.

Founded in 2019 by a team of IIT alumni, Tan90 develops proprietary Phase Change Materials (PCMs) that enable passive cooling across a wide temperature spectrum, from –50°C to +80°C. These innovative thermal packs are designed to reduce dependency on conventional refrigeration systems, offering scalable, energy-efficient, and eco-friendly solutions for cold chain logistics across industries.

• Expand its Cooling-as-a-Service (CaaS) model from eight cities to 18, targeting underserved Tier-II regions
• Launch new product lines catering to cold storage, HVAC systems, and even thermal management of data centers
• Strengthen international footprint in Southeast Asia, the Middle East, and Africa

According to the company, their PCM-based solutions offer twice the cooling duration and longer cycle life compared to traditional gel packs—crucial for sectors like pharmaceuticals, fresh produce, food delivery, and vaccines. Remarkably, Tan90 boasts zero customer churn on its existing CaaS platform and has clocked a 70% CAGR in the past three years while nearing operational breakeven.

Backed by DBT-BIRAC (Biotechnology Industry Research Assistance Council), Tan90 is part of India’s growing ecosystem of climate-conscious, deeptech innovators. The firm’s roadmap aligns with broader national priorities, including cold chain modernization, food security, and climate resilience.

A press quote from NABVENTURES said, “Tan90 is precisely the kind of tech-first, impact-driven enterprise we champion,” said a spokesperson from NABVENTURES. “Its scalable approach to sustainable cold storage addresses real-world bottlenecks in agricultural and health supply chains.”

As India races to decarbonize and digitize its logistics infrastructure, Tan90’s success signals rising investor confidence in technologies that blend deep science with market-ready applications.