According to reports, IIMA CIIE’s sustainability and cleantech fund, Infuse Ventures, along with Ankur Capital have made an undisclosed amount of series-A investment in TESSOL, a cold chain technology startup based in Mumbai. Tessol had previously received a seed investment from Infuse Ventures in 2014.
TESSOL’s PLUGnCHILL range of products eliminates the use of fossil fuel for cold chain transport systems using their proprietary energy storage technology. These solutions not only reduce the running costs of these units by 60% but also reduce diesel consumption by 1000 liters per small vehicle per annum.
Over the last 2 years, TESSOL has implemented it fuel-free technology across poultry, horticulture, dairy and frozen food sector with some of the marquee players like Godrej Tyson, Abad Fisheries, Mother Dairy, Chitale and Fortis hospitals.
“With the funds raised, we are looking to expand our sales and service network pan India and create more products to fuel future growth” said Rajat Gupta, an alumnus of IIT and Harvard, founded TESSOL in 2013 with a vision of creating a farm to fork cold supply chain
Infuse has been investing actively in the cleantech sector and its investments include energy-management startup Ecolibrium Energy, renewable energy services startup REConnect, distributed solar developer Fourth Partner Energy, geothermal HVAC provider GIBSS, and industrial green chemicals company Proklean among others.