New Delhi, India. January 2021 Inficold, a start-up based in Noida and supported by the Shell Foundation, an independent UK registered charity that provides cold storage solutions, raised $900,000 (about Rs 6.5 billion) in a funding round from RVCF and other undisclosed wealthy individuals in the final round of the pre-Series A. The funds raised will be used to improve the company’s overall manufacturing, sales and service capabilities.
Instant milk cooler installed in Tamil Nadu milk collection centre
Founded in 2015, Inficold has developed an advanced thermal energy storage technology to store refrigerant in low-cost environments such as water with ice. This technology is designed to use solar energy to make ice and then cool it. Inficold’s products allow heat storage to be used for virtually any cooling requirement, whether it be milk, cold storage, air conditioning or vaccine refrigeration, without the need for major modifications to existing refrigeration systems. The current product range includes modular milk cooling tanks, instant milk cooling tanks and bulk milk cooling tanks. It provides 24 hour cooling with only 7 hours of power/solar battery. Modular cooling plants store 5 to 100 tons of agricultural products in a temperature range of 4 to 16°C, while milk cooling plants cool 200 to 10,000 liters of milk per day. The future of the company is to penetrate into the dairy, horticulture, poultry, meat, cold chain and air conditioning segments across India. The main problems addressed by Inficold are the dependence on the electricity grid, diesel and unreliable electric batteries, which make the cost of a cold chain unaffordable for developing countries. The Shell Foundation has supported the company in several product development activities over the past four years.
The company has a presence in over 17 states of India, with a strong presence in the northeastern states, including Assam, Meghalaya and Tripura. Inficold multiplies its production capacity by more than ten times. The increase in capacity allows the company to meet demand with minimal lead time for the customer. Inficold’s own research centre also develops other sustainable cooling solutions in the air conditioning sector. The company works with multiple distribution channels to strengthen local sales, marketing and installation. The company has also started penetrating the international market and has some facilities in the African subcontinent. The company plans to sell more than 1,000 units in the next two years, focusing on providing sustainable farm-level cooling solutions.
Dr. Nitin Goel, co-founder and CEO of Inficold, commented on the recent funding Inficold has received from RVCF and other investors: We are happy to benefit from funding from RVCF and other investors. We founded Inficold with the aim of harnessing the immense potential of cold chain solutions to increase production in Indian agriculture. The accelerated growth we have experienced in the past year is a clear indication of the viability of our business model. RVCF also believes in the potential of cold chain solutions to transform Indian agriculture. We are grateful for their support.
Gaurav Chowdhry, vice-president of the RVCF, supports Inficold: Inficold has focused on developing energy efficient cold chain solutions in India and other markets, in addition to developing innovative products that address chronic food consumption and sales crises. We are happy to be able to accompany Nitin and Himanshu on their journey.
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