Indicold Bags Funding To Boost Its Cold Chain Solution Offerings

Fundalogical Ventures, a sector-agnostic venture capital firm floated by a former executive of private equity and real investment firm Everstone Group, has backed supply chain startup Indicold in its pre-Series A funding round, marking its maiden investment.

Indicold will use the fresh funds for tech and team development as well as to expand its footprints.

Founded by Niharika Jalan and Kartik Jalan in 2019, Indicold is a B2B cold chain solutions provider which claims to offer faster turnaround, maximum asset utilisation and reduced operational costs. 

Indicold claims to be setting up India’s first frozen Automatic Storage and Retrieval System – High Bay Warehouse with 7,000+ pallets in Gujarat which aims to create new standards in automation and supply chain solutions in India. Moreover, the company plans to expand its footprint across states, with clients across various industries to provide cold chain solutions. In the last 12 months, the company has grown 3x YoY.

“Indicold is implementing state-of-the-art automation in cold chain leveraging deep tech, AI, and ML with emphasis on sustainability. Our partnership with Fundalogical will accelerate our efforts in this direction,” said Kartik Jalan.

The startup claims to cater across food and beverage and FMCG industries, including Amul, Unilever, Britannia, Zomato, Jubilant Foodworks, Theobroma and Baskin Robbins, among others.

FLV is a venture capital fund focussed on supply chain and logistics, and peripheral sectors like consumption-led business. The average investment size of the fund ranges from INR 20 Cr to INR 80 Cr and aims to build a portfolio of 10-15 companies.

FLV is headed by Ratna Mehta, who is the CEO and Managing Partner and will lead the overall investment management of the fund. Fundalogical Ventures is backed by seasoned entrepreneurs as well as financial services industry veterans.

FLV’s sponsor Tushar Jani said, “With the country’s rapidly expanding demand for efficient cold logistics solutions, we see immense potential for growth in this sector. With huge losses in storage and transportation of temperature-controlled food supply chains, Indicold’s visionary founders and innovative operations will bring value-added propositions to their customers.”

Last year, yet another cold chain logistics startup Celcius secured INR 100 Cr funding Series A funding led by IvyCap Ventures.