FundedGT-2025-049· Listed Jun 9, 2025
India Cold-Chain Network — Series A
Oversubscribed Series A — 14 reefer hubs across 7 Indian states; sponsor projecting 2.4x in 36 months.
India · Asia Logistics / Agritech Series A — Concluded Closed Dec 15, 2025
Final Size
$32.0M
Allocated
$32.0M
Min Ticket
—
Target Return
Closed at upper band
Horizon
—
Executive Summary
Closed Series A round (USD 32M, 1.6x oversubscribed) for India's leading independent cold-chain operator. Capital deployed across 14 reefer warehouses, 220 reefer trucks, and a digital booking platform integrated with three large agri-aggregators.
Investment Thesis
- Post-harvest losses ~15% of India's USD 50B fresh produce market.
- Government PLI scheme covers up to 30% capex on qualifying assets.
- Anchor contracts with three of the top-5 quick-commerce platforms.
Use of Funds
Reefer warehousing build-out60%
Fleet expansion25%
Software & ops15%
Financial Snapshot
Round closed
USD 32M (1.6x oversubscribed)
Post-money valuation
USD 168M
Deal Room allocation served
USD 11M / 21 LPs
Transaction Structure
Closed — Series A preferred. Secondary opportunities may arise; register interest via Deal Room.
Timeline & Milestones
- 2025 Q2Deal listed
- 2025 Q3Term sheet executed
- 2025 Q4Funded — closed oversubscribed
Sponsor
Bharat Frost Logistics Pvt. Ltd.
Bharat Frost is India's largest independent cold-chain platform by reefer footprint, backed by tier-1 Indian and global investors.
ESG & Impact
- Reduces post-harvest loss across 38,000 farmers
- Solar-assisted warehouses
- Female-led ops in 4 states
Data Room
Post-Close Memorandum
PDF · 12 pp
Investor Update Q1 2026
PDF
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