• Tan90 Thermal raised ₹20 Crore in Series A funding led by NABVENTURES, with participation from Blue Ashva Capital, Capital-A, and 3i Partners.
  • The startup provides patented phase change material-based cooling solutions and operates in eight Indian cities, serving clients like Swiggy Instamart and Kisaan Konnect.

Chennai-based cooling tech startup Tan90 Thermal has raised ₹20 Crore (approx. $2.3 million) in a Series A funding round led by NABVENTURES, a subsidiary of NABARD.

Existing investors Blue Ashva Capital, Capital-A, and 3i Partners also participated in the round. Of the total funds raised, NABVENTURES contributed around ₹14 Crore, according to sources.

Founded in 2019 by IIT alumni Soumalya Mukherjee, Rajnikant Rai, and Shiv Sharma, Tan90 Thermal offers energy-efficient cooling solutions using proprietary phase change materials (PCMs).

These materials, developed in-house and protected by multiple patents, are used to store thermal energy, providing sustainable cooling for sectors such as food logistics, pharmaceuticals, HVAC, and data centres.

Tan90 Thermal’s PCM-based technology aims to cut carbon emissions significantly. Cooling is responsible for nearly 10% of global CO2 emissions, and the company claims its solutions reduce this environmental impact without the need for heavy infrastructure investment.

“Our vision is to make cooling infrastructure scalable, sustainable, and accessible, without the need for heavy capex or outdated systems,” said cofounder Mukherjee.

The startup plans to use the fresh capital to expand across India and into Southeast Asia, the Middle East, and Africa. It also intends to develop new product lines for cold chains, HVAC systems, and data centres.

Operating close to breakeven, Tan90 reported a revenue of ₹12.8 Crore and a net loss of ₹6.6 Crore for the financial year ending March 31, 2024. The company has seen a CAGR of over 70% over the past three years.

Currently, Tan90 operates in eight Indian cities, serving clients in the quick commerce, food logistics, and healthcare sectors, including Swiggy Instamart, Eternal’s Hyperpure, and Kisaan Konnect.

The company aims to expand to 10 more cities, with a focus on tier-II markets. Competitors in the space include Pluss Advanced Technologies, Celsius Logistics, and Indicold.

Edited by Harshajit Sarmah