Cold chain solution provider company Thermal Energy Service Solutions Pvt Ltd (TESSOL) has raised Rs 7.5 crore in funding round from Mela Ventures.
The round also saw participation from existing investors 1crowdAngels and 1Fund.
The company plans to use the funds for geographic expansion, capacity and team building, new products and application development.
The Mumbai-based TESSOL was founded in 2013 by Rajat Gupta, It has emerged as a trusted solution provider for many e-commerce and instant commerce brands, helping them to move perishable products in the middle and last mile.
It is also strategizing to ensure that its solutions are environmentally friendly, thereby reducing its carbon footprint and greenhouse emissions. The company is taking the sustainable growth and development.
The startup’s flagship product IndiwrapTM offers a wide range of solutions for the pharmaceutical, chilled and frozen food sectors.
“The pandemic has led to a sudden increase in the demand for food and pharmaceutical last-mile cold chain globally. Having proven our position as a market leader in India, this is the most opportune time to invest in scaling our solutions globally and planning our foray into new application areas. We shall be investing in further enhancing our internal R&D and application engineering capabilities and building the foundation to be a global category leader in this space”, said, Rajat Gupta, Founder & CEO, TESSOL.
“The funds would be utilised for capacity expansion and team building. We will be onboarding people who will help us scale and expand into international markets as well. As budding entrepreneurs, we are also excited to partner with Krishnakumar Natarajan and Parthasarathy NS. We aim to leverage their experience and expertise to take Tessol to its next level of growth,” said Niranjana Neelakantan, Co-Founder & COO of the company.
“Driving environment sustainability is becoming a key priority for societies globally. Current cold chain logistics solutions, which contribute to GHG emissions, need a huge technology transformation that protects the product quality, saves costs and importantly, delivers sustainability”, said, Krishnakumar Natarajan, Managing Partner, Mela Ventures.
“Tessol’s end-to-end PCM-based thermal battery solutions with the overarching IoT-based remote monitoring systems open up the vast pharma opportunity and international markets, both of which are immediate priorities for the company”, said, Vidhi Vijayvargiya, Partner, 1crowd.
Founded in 2013, TESSOL (Thermal Energy Service Solutions Pvt Ltd) is a unique innovation-driven venture focused on solving the temperature-controlled food and pharma distribution problem in India.
Over the last 5 years, with a proven technology edge and execution capability, TESSOL has positioned itself as a pioneer in the cold chain space and is currently a leading supplier of last mile solutions to the e-commerce segment.
TESSOL has partnered with more than 100 customers and provides cutting edge cold chain solutions to leading brands across segments auch as dairy, ice-cream, meat, seafood, poultry and horticulture .
TESSOL’s cold storage and logistics solutions are based on the award winning and proprietary “Thermal Energy Storage” technology. In addition to numerous global recognitions and media coverage, TESSOL has also been identified as one of the top 12 Agri start-ups to watch out for in 2018 by Inc 42 magazine.