Tan90 Thermal Bags INR 20 Cr To Provide Cooling Solutions To Enterprises

Tan90 Thermal Solutions has raised INR 20 Cr (around $2.3 Mn) in its Series A funding round led by NABVENTURES, a subsidiary of NABARD. The round also saw participation from existing investors Blue Ashva Capital, Capital-A, and 3i Partners. 

While NABVENTURES invested around INR 14 Cr in the startup, the remaining amount came from the other investors, a source said.

Tan90 Thermal plans to use the capital to expand its presence across India as well as key global markets like Southeast Asia, the Middle East, and Africa. The funds will also be used to launch new product lines for cold chains, HVACs (Heating, Ventilation, and Air Conditioning), and data centres.

Founded in 2019 by IIT alumni Soumalya Mukherjee, Rajnikant Rai, and Shiv Sharma, Tan90 Thermal provides energy-efficient cooling solutions for businesses across sectors.

The startup uses phase change materials (PCMs), which it claims are developed in-house and have been granted many patents, to store thermal energy and provide cooling. PCMs have wide-ranging applications across industries like food, pharma, HVAC systems, and data centres. 

Tan90 Thermal claims that its solutions are also sustainable and cut carbon footprint, as cooling accounts for nearly 10% of global CO2 emissions.

“Our vision is to make cooling infrastructure scalable, sustainable, and accessible, without the need for heavy capex or outdated systems,” Tan90 Thermal cofounder Mukherjee said. 

Tan90 Thermal claims to have grown at a CAGR of over 70% in the last three years and operating close to breakeven. It reported a revenue of INR 12.8 Cr in the financial year ending March 31 2024 and a net loss of INR 6.6 Cr. 

The startup claims that it currently provides its cooling-as-a-service (CaaS) platform in eight Indian cities to businesses in quick commerce, food logistics, and healthcare sectors. It counts Eternal’s Hyperpure, Swiggy Instamart, and Kisaan Konnect among its clients.

It now plans to expand its presence to 10 more cities, with a focus on tier-II markets, while continuing to build its product stack for new sectors and geographies. 

Prior to this funding round, the startup had raised a funding of about INR 18 Cr ($2.1 Mn). 

Tan90 Thermal competes against the likes of Pluss Advanced Technologies, Celsius Logistics, and Indicold in the cold storage segment. Earlier this month, Celsius secured INR 250 Cr in its Series B funding round, which was a mix of equity and debt.

As per Mordo Intelligence, the cold chain logistics market size in India is estimated to be $12.77 Bn in 2025. This is expected to reach $20.31 Bn by 2030, growing at a CAGR of 9.72%.