Tan90 Raises Funds For Global Expansion, Offers Cooling As A Service
Tan90, a big shot in the cooling solutions biz, has bagged Rs. 11.32 crore in a pre-Series A funding round from Blue Ashva Capital and Capital A. 3i Partners and a bunch of angel investors from Singapore, the Middle East, and India also chipped in. The money will be used for Tan90's expansion plans abroad, especially in Southeast Asia.
Tan90 wants to enter the smaller cities in India to meet the growing need for cold chain solutions. Many interior areas still use traditional cooling methods like ice and dry ice, but Tan90 plans to use cost-effective and energy-efficient passive coolants like PCMs instead. They come in panels or sachets and store thermal energy, providing passive cooling when cheap or no grid power is available.
Tan90 has a new model called "Cooling as a Service" (CaaS) for businesses lacking blast freezers. They offer cooling on lease and use PCM panels as thermal batteries. It's like battery swapping for customers without asset costs or management. This democratizes the cold chain and addresses asset limitations. Heatwaves and global warming make cold chain solutions more important.
CaaS can change small businesses by helping them stop using dangerous dry ice. Dry ice causes supply chain problems and gets in the way of daily operations for businesses like ice cream trucks. CaaS works in five cities and saves 25% on costs compared to regular trucks.
Tan90 is happy to receive funding to expand and introduce their CaaS model to more people. They are leading this segment in India, which is the fastest-growing cold chain market in the world. Soumalya Mukherjee, co-founder of Tan90, is in charge of fundraising and is excited to make a big impact in this space.
Satya Bansal, who started Blue Ashva Capital, thinks Tan90 has a good plan for business and will grow. He says India is growing, and the cooling solutions business, which is connected to food, medicine, energy, transport, and logistics, will grow a lot too.
Capital A's founder Ankit Kedia thinks the thermal solutions sector can grow big due to climate challenges. Kedia said that Tan90 can take advantage of this growth because they have good cooling technology. Tan90 can also offer energy-efficient cooling solutions to customers. With these advantages, Tan90 could get a lot of customers and make lots of money.
Tan90 wants to grow. That's why it will put money into R&D. Tan90 will look at how to cool buildings and data centers. Tan90 may also enter the European Union. There are carbon credits there, which could be helpful. Lots of buildings need cooling help, so Tan90 wants to be ready.
