Indicold, a tech-enabled cold supply chain startup, has recently secured an undisclosed amount in a pre-Series A funding round, spearheaded by Early Growth Investment Fund Fundalogical Ventures. The raised capital is earmarked for accelerating technological advancements, venturing into new territories, and fortifying the company’s workforce.
Fundalogical Ventures boasts backing from prominent figures such as Krishna Kotak, Chairman of JM Baxi Group, Tushar Jani, Founder of Blue Dart, Mehernosh Currawalla from FAK Cargo Dynamics, Khalid Vohra of SAI Shipping, and Suryakant Parekh from Polestar & Parekh Group. Operating at the convergence of early growth, bridging VC and PE realms, Fundalogical zeroes in on high-growth sectors like Supply Chain and Logistics, alongside allied sectors fueled by supply chain dynamics.
With an investment horizon aligned to innovative early-stage enterprises, the Fund champions an average investment size ranging from Rs 20 to 80 Crore, positioning itself as a lead or co-investor during the investment lifecycle. Tushar Jani, a Sponsor at Fundalogical Ventures, remarked, “Given the burgeoning demand for efficient cold logistics solutions nationwide, we recognize tremendous growth potential within this sector. Indicold, with its visionary founders and innovative operational framework, is poised to deliver value-added propositions to its clientele amidst the substantial losses in temperature-controlled food supply chains.”
Ratna Mehta, CEO & Managing Partner at Fundalogical Ventures, echoed the sentiment, stating, “We foresee a wave of innovation in the supply chain domain over the next decade, fueling consumption and manufacturing growth in India. Our collaboration with Indicold, an architect of disruptive cold supply chain solutions, aligns seamlessly with this vision.”
Established in 2019, Indicold is steadfastly constructing a sustainable, future-ready cold supply chain network. Serving as a comprehensive B2B solution provider in environment-controlled logistics, the startup ensures swift turnaround times, optimal asset utilization, and streamlined operational overheads.
Operating across three core verticals – Store, Move, and Prepare – Indicold boasts a prestigious clientele including industry giants like Amul, Unilever, Britannia, Zomato, Jubilant Foodworks, Theobroma, and Baskin Robbins. The company’s ambitious endeavors include setting up India’s maiden frozen Automatic Storage and Retrieval System – High Bay Warehouse, accommodating over 7,000 pallets in Gujarat.
This initiative aims to establish new benchmarks in automation and supply chain solutions across the nation. Looking ahead, Indicold plans to extend its footprint across diverse states, catering to clients spanning various industries with tailored cold chain solutions. Notably, the company has witnessed a remarkable threefold growth year-on-year over the past twelve months.
