Mumbai-based cold chain solution provider, TESSOL has raised Rs 7.5 Crore in fresh round funding led by Mela Ventures in participation with its existing investors including 1crowdAngels and 1Fund.
“The funds raised will be utilized in geographical expansion, capacity building, team building, new products, and application development,” the statement said.
Commenting on the fundraise, Rajat Gupta, Founder & CEO, of 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.”
“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 utilized 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,” Niranjana Neelakantan, Co-Founder & COO of TESSOL added.
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.
Commenting on TESSOL, Krishnakumar Natarajan, Managing Partner at 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. TESOL’s range of products, backed by years of research, is leading that transformation. 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 organization to the next level.”
Further talking about the investment round, Vidhi Vijayvargiya, Partner at 1crowd, said, “Over the years, TESSOL has pioneered innovation in the cold chain logistics space, with new products that help their clients tackle real-world challenges, increasing efficiency and reducing costs and delighting end consumers. Their 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. We are thrilled to continue our partnership with Rajat & Niranjana as they envision taking TESSOL to new heights.”