Existing Investors, 1crowdAngels and 1Fund, will also participate in this round and top up the current investmentu
Fnds to be utilized to enhance R&D, geography expansion and capacity building
TESSOL, a globally recognised 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.”