Mumbai-based cold chain logistics startup Tessol has raised an undisclosed amount in funding in follow-on equity funding led by early-stage crowdfunding platform 1Crowd. Other existing investors that participated in this round include Infuse Ventures and Ankur Capital.
The funds raised will be used to boost its product suite and also develop disruptive products under development to pilot and commercialization.
Tessol was founded by Rajat Gupta, an IIT Delhi-Harvard Alumnus, in 2013. It provides energy-efficient refrigeration technologies for cold storage and logistics. It aims to make cold storage affordable for everyone around the world.
“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, 1Crowd.
It uses patented “Thermal Energy Storage” technology using its flagship PLUGnCHILL range of products to provide end-to-end solutions for a sustainable and pharmaceutical cold storage. It also eliminates the use of diesel for reefer operations reducing its operating costs by more than 60% while ensuring temperature stability of the container.
It has applications across various dairy, seafood, meat, bakery, poultry, etc, and its vast network spreading across the country makes the company one of the fastest growing cold chain storage in India.
“At Tessol, we believe in partnering with our customers and working out system-level solutions that can drastically impact costs while improving the performance. We further plan to expand our sales and service network across India and create more products,” said, Rajat Gupta, Founder, Tessol.
Other startups in the Indian agritech space include Ninjacart, Waycool, FarmLink, AgroStar, Gramco Infratech among others.