Thermal Management Startup Tan90 Raises Rs 11.32 Crore In Funding
Tan90, a startup offering thermal management solutions to businesses, has raised $1.3 million (Rs. 11.32 crore) in a pre-Series A funding round co-led by Blue Ashva Capital and Capital A.
3i Partners and a clutch of undisclosed angel investors based out of Singapore, the Middle East, and India also participated in the funding round.
As per the startup, the freshly raised funds will be deployed to expand its presence in tier II cities and overseas, with a particular focus on Southeast Asia.
Tan90 | Energy-efficient Thermal Solutions For Businesses
Co-founded by Soumalya Mukherjee, Shiv Sharma and Rajani Kant Rai, Tan90 is a Chennai-based startup offering portable cold storage that simplifies the transportation of temperature-controlled products from the Farm to the Fork.
Solving the problem of energy-efficient thermal management across industries, the Chennai-based startup helps companies transport perishables in a cost-effective, monitored, and safe manner.
Speaking about the development, Soumalya Mukherjee, co-founder of Tan90, said,
“We are delighted to have secured this funding, which will support our expansion and enable us to introduce an innovative CaaS model to a wider audience. We hope to create a substantial impact in this space by expanding our footprint in major cities like Mumbai, Kolkata, Kochi and Visakhapatnam in the coming quarter.”
The thermal management solutions provider provides its clients with proprietary passive cooling solutions that enable them to transport their perishables with any logistics service, including electric vehicles.
Tan90 has been catering to businesses in the food industry, pharmaceutical, and diagnostics industries. Additionally, the Chennai-based startup aims to reach out to thermal management of batteries, industrial cooling, and space cooling as well in the future.
Commenting on the development, Satya Bansal, Founder of Blue Ashva Capital, said,
“We have strong faith in the India growth story as it is a vast economy which is going to record above 6% growth in all likelihood this fiscal year. Naturally, there would be tremendous growth for the cooling solutions business, as well, since it has strong linkages with the food, pharma, energy, logistics and transport sectors. Our second round of investment in the company signifies our continued faith in its business strategy and growth prospects.”
In May 2022, Tan90 raised Rs 5 crore in a pre-Series A funding round led by Blue Ashva Capital.
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