GetVantage Fuels Innovation in Logistics Sector with INR 5.4 Crore in Growth Capital for Celcius Logistics, Ohm Logistics, and Fitsol
- ByStartupStory | October 24, 2024
GetVantage, India’s leading embedded finance and working capital platform, has announced investments in the logistics sector, providing INR 1.8 crore in growth capital to three prominent logistics startups: Celcius Logistics, Ohm Logistics, and Fitsol. This funding comes at a critical time as logistics businesses strive to meet the high demand during the festive season.
The growth capital, disbursed through GetVantage’s licensed NBFC GetGrowth Capital and its AIF Venture Finance Fund in partnership with Varanium Capital and other partner NBFCs, will enable the startups to scale operations and meet working capital requirements to cater to the growing needs of businesses across various sectors.
Bhavik Vasa, Founder of GetVantage, highlighted the importance of logistics in India’s economic future, stating, “The logistics industry is set to play a critical role in supporting India’s $5.5 trillion GDP economic ambitions. GetVantage is empowering the next generation of innovators by fueling their growth at a critical juncture with non-dilutive capital. Our commitment to Celcius, Ohm, and Fitsol demonstrates our belief in the future of clean tech and green energy in logistics. Together, we’re driving sustainable solutions to meet soaring market demand, underlining its significance in both domestic and international markets. We are thrilled to be a part of this massive transformation in the sector by backing innovative yet high revenue-generating companies.”
Addressing the Festive Demand Surge
As logistics businesses gear up for the festive rush, the sector is experiencing heightened momentum, driven by the needs of emerging local brand startups, e-commerce, and the travel industry. The fresh round of financing will help Celcius, Ohm, and Fitsol meet these demands with efficiency.
Swarup Bose, CEO & Founder of Celcius Logistics, emphasized the role of technology in their operations: “At Celcius, our mission is to make cold chain logistics more efficient and reliable through the use of technology. We aim to build a strong ecosystem that ensures the safe and timely delivery of temperature-sensitive goods throughout the country, whether it’s food, pharmaceuticals, or other perishables. GetVantage has been a partner with us in this journey and we look forward to more associations.”
Sustainability in Logistics
Fitsol, known for its green initiatives, will use the funding to continue its work in decarbonizing the supply chain. Anand Pathak, Founder of Fitsol, shared, “Fitsol is a decarbonization partner for manufacturing companies, and we want to reduce 1 billion tons of CO2 from the supply chain. To achieve this goal, we partnered with GetVantage for working capital, and it was a great experience working with their team. They were quick to respond, adhering to the time commitment of delivery.”
Growing Role of Logistics in India’s Economy
India’s logistics sector has evolved rapidly, integrating technology and automation to offer more efficient supply chain solutions for domestic and global merchants alike. Currently ranked 38th out of 139 on the Logistics Performance Index, the industry contributes 13-14% of the national GDP and employs over 22 million people. Continued investment in this space is crucial for strengthening the country’s supply chain ecosystem and fueling future economic growth.
About GetVantage
Founded in 2019 by seasoned fintech entrepreneurs Bhavik Vasa and Amit Srivastava, GetVantage is Asia’s premier capital gateway and embedded financing platform. Based in Mumbai, GetVantage provides non-dilutive working capital solutions to MSMEs across sectors like B2B SaaS, eCommerce, D2C, and many more. The platform has supercharged over $900 million in GMV for more than 1,500 startups and SMEs since its inception, facilitating data-driven investments ranging from INR 2 lakhs to INR 20 crore.
Follow Startup Story
Related Posts
