Tan90, a prominent cooling solutions company, has successfully raised Rs. 11.32 crore in a pre-Series A funding round co-led by Blue Ashva Capital and Capital A. The investment round also saw participation from 3i Partners and a group of angel investors based in Singapore, the Middle East, and India. The primary objective of this funding is to support Tan90’s overseas expansion plans, with a particular focus on Southeast Asia.

Tan90 aims to penetrate Tier-2 cities in India and cater to the increasing demand for cold chain solutions in the interior regions of the country. Recognizing the reliance on traditional cooling methods like ice and dry ice in these areas, Tan90 plans to replace them with energy-efficient and cost-effective passive coolants, such as Phase Change Materials (PCMs). These PCMs, in the form of panels or sachets, have the capability to store thermal energy and provide passive cooling support where grid power is expensive or unavailable.

The company is introducing a unique cold chain model called “Cooling as a Service” (CaaS). Under this model, Tan90 offers cooling solutions on lease to businesses that lack blast freezers required to freeze the PCM panels, which act as thermal batteries. Similar to battery swapping, customers can now avail cooling services without having to worry about asset costs, management, manpower expenses, or inventory. By democratizing the cold chain, Tan90 aims to address the limitations imposed by asset availability at the customer’s end. The importance of cold chain solutions has increased significantly due to the growing incidence of heatwaves and global warming.

CaaS has the potential to revolutionize small businesses by enabling them to transition away from hazardous dry ice. Furthermore, as dry ice is a consumable with supply chain challenges, its usage often disrupts daily operations for businesses such as ice cream vendors. CaaS is already operational in five cities—Pune, Hyderabad, Delhi, Chennai, and Bangalore where it has proven to reduce operational costs by 25% compared to traditional reefer trucks.

“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 are pioneering this segment in India, and given the fact that India is the fastest-growing cold chain market globally, we hope to create substantial impact in this space,” said Soumalya Mukherjee, co-founder of Tan90, who leads the company’s fundraising initiatives.

Satya Bansal, founder at Blue Ashva Capital, expressed confidence in Tan90’s business strategy and growth prospects, stating, “We have strong faith in the India growth story, and there would be tremendous growth for the cooling solutions business as well, considering its linkages with various sectors such as food, pharma, energy, logistics, and transport.”

Ankit Kedia, founder at Capital A, highlighted the growth potential of the thermal solutions sector, particularly in response to the global climate challenges. Kedia mentioned, “We believe Tan90 is best positioned in the industry to offer energy-efficient cooling solutions and grab substantial market share, given its proprietary cooling technologies.”

As part of its expansion strategy, Tan90 plans to invest in research and development (R&D), particularly in the areas of space cooling and data center cooling. The company is also exploring opportunities to enter the European Union markets, where carbon credits are in place. With a strong demand for cooling solutions in buildings, HVAC systems