Schedulers Logistics India Pvt Ltd a Mumbai based integrated cold chain operator has raised a funding of Rs 40 crore from GVFL Ltd a Gujarat based venture fund.
The startup was founded in 2012 by Akshay Sharma and Colonel Arvind Gangoly. In the next 2 years it plans to increase the fleet of their vehicles from 200 to 500. By year 2020 it plans to reach upto 18 cold storage locations with 35k MT capacity.
It operates temperature controlled warehouses and fleet of reefer vehicles across India. Earlier in 2014 Schedulers raised its Series A round of funding from Aspada Investment Company. It started with a fleet of 33 vehicles, and currently operates with 200 trucks and manages 13k MT of temperature controlled warehousing space.
Arvind Gangoly, Co-founder & CEO, Schedulers said
“The funding will help Schedulers to get on an exponential growth curve by getting aggressive in capacity additions and furthering pan India presence including Gujarat by augmenting reefer fleet as well as cold storage capacity.”
Currently Cold Chain Industry is worth Rs 195- 200 billion, and will increase by 2020 at a 5 year CAGR of 16 – 17% to Rs 400- 450 billion. It is driven by proliferation of organized pharma, retail, horticulture, rising demand for quick service restaurants and processed foods.
Sanjay Randhar, MD at GVFL said
“The demand-supply gap is working in favour of the cold chain sector. There is a huge opportunity to build-up capacity and cater to the burgeoning demand which will have positive social implications too.”