Cooling solutions startup Tan90 raises Rs 11.3 crore in funding

The company is looking to expand overseas with a particular focus on Southeast Asia. It is also planning to enter tier-2 cities in India to cash in on the growing demand for cold chain solutions, the company said.

Tier-2 cities still rely on rudimentary solutions like ice and dry ice, which the company is aiming to replace with energy efficient and cost-effective passive coolants like Phase Change Materials (PCMs), it said.

PCM panels or sachets can store thermal energy and, just like electrical batteries, provide passive support where grid power is expensive or unavailable.

The company is launching a cold chain model, ‘Cooling as a Service’ (CaaS), where it offers cooling solutions on lease to businesses that do not own blast freezers required to freeze the panels, i.e., thermal batteries.

CaaS is already being offered in 5 cities — Pune, Hyderabad, Delhi, Chennai, and Bangalore — where it has proved to reduce operational costs by 25% compared to reefer trucks, the company said.

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“This funding will support our expansion and enable us to introduce an innovative CaaS model to a wider audience. We are confident in our capabilities to transform the cold chain industry and deliver sustainable and cost-effective solutions,” cofounder Soumalya Mukherjee said.“Our second round of investment in the company signifies our continued faith in its business strategy and growth prospects,” said Satya Bansal, founder at Blue Ashva Capital.

“The thermal solutions sector has magnificent growth potential, especially due to the global tectonic shift in energy resource and distribution business in response to the crucial climate challenges we face today. We believe Tan90 is best positioned in the industry to offer energy-efficient cooling solutions and grab substantial market share as it has proprietary cooling technologies,” Capital A founder Ankit Kedia said.