Tessol raises Rs 7.5 crore from Mela Ventures

MUMBAI/NEW DELHI: Tessol, a cold chain solution provider that aims to solve the last-mile distribution problem, has raised Rs 7.5 crore from Mela Ventures. Existing Investors, 1crowdAngels and 1Fund, also participated in this round.

The funds raised will be utilised in geographical expansion, capacity and team building, new products, and application development. The company has emerged as a trusted solution provider for many e-commerce and quick commerce brands, helping them move perishable products in the mid and last mile. It’s also strategizing 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.”

“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, in a statement.

Currently, Rajat Gupta and 1crowd are on teh company’s board. As a part of the process, Mela Ventures will also get on the board soon. In a statement, 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.”

The cold chain provider is taking sustainable growth and development into account. Its flagship product IndiwrapTM offers a wide range of solutions for the pharmaceutical, chilled and frozen foods sector.

In a statement, Vidhi Vijayvargiya, Partner, 1crowd, said, “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.”

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