Mumbai/New Delhi: TESSOL, The Indian Cold Chain Solution provider that aims to solve the last-mile distribution problem, has raised INR 7.5 crore from Mela Ventures. Existing Investors, 1crowdAngels and 1Fund, will also participate in this round.
The funds raised will be utilised in geographical expansion, capacity building, team building, new products, and application development. The journey of the Mumbai-based start-up is intriguing as they pivoted the greatest pain point, which was the unfeasibility and unreliability of the last mile Cold Chain in India, into a great opportunity for themselves and associated partners.
The company has emerged as the trusted solution provider for leading e-commerce and quick commerce brands, helping them effectively and efficiently move perishable products in the mid and last mile. It’s also strategizing consciously to ensure its solutions are environmentally friendly, thereby reducing carbon footprint and greenhouse emissions.
Commenting on raising funds, Rajat Gupta, Founder & CEO, TESSOL, said, “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.”
Further adding, Niranjana Neelakantan, Co-Founder & COO, said, “We are thrilled that The Mela has begun for us too! The funds have come in at a very opportune time when the market is showing great promise and excitement for our solutions. The funds would be utilised for capacity expansion and team building. We will soon be onboarding some of the best minds who will help us scale and expand into international markets as well. As budding entrepreneurs, we are also very excited to partner with uber-successful entrepreneurs like Krishnakumar Natarajan and Parthasarathy N.S. We aim to leverage their experience and expertise to take TESSOL to its next level of growth.”
Currently, Rajat Gupta and 1crowd are on TESSOL Board. As a part of the process, Mela Ventures will also get on the TESSOL Board soon.
Krishnakumar Natarajan, Managing Partner, Mela Ventures, said, “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. TESSOL displays all the characteristics of a global category leader, and we are excited to be partnering with Rajat and Niranjana as they take the organisation to the next level.”
Vidhi Vijayvargiya, Partner, 1crowd, said, We are thrilled to continue our partnership with Rajat & Niranjana as they envision taking TESSOL to new heights.”
About Mela Ventures– Mela Ventures Trust is a SEBI-approved AIF Category-2 fund for early-stage companies. With a goal to build next-gen entrepreneurs, the fund focuses on building a portfolio in areas, such as AI/ML, AR/VR, IoT, Cloud Migration and Deep Technologies. Mela Ventures was founded by Industry veterans, Krishnakumar Natarajan and Parthasarathy NS who have co-founded Mindtree and taken it from a start-up to a multi-billion-dollar market cap enterprise.