Citrus Freight raises Rs 2.5 crore in bridge round

Citrus Freight, India’s first reefer container shipping platform offering end-to-end solutions for perishable exports, has raised Rs 2.5 crore in a bridge funding round, taking its total funding to ₹5.25 crore to date.

The new round saw participation from Caret Capital, Indigram Labs Foundation and a strategic investor from the shipping sector, says an official release from Citrus.

The freshly raised capital will be directed towards strengthening the team and scaling Citrus Freight’s technology stack including enhancements to its mobile-first platform that allows SME exporters to discover, book and track shipments with real-time temperature visibility, ensuring minimal spoilage and increased export efficiency, the release added.

"This bridge round extends our runway as we prepare to raise our Pre-Series A of $1 million. This round is particularly meaningful as it brings not just capital but complementary expertise and conviction in our vision. Our goal is to triple our business by expanding services into Madhya Pradesh and Gujarat while doubling down on India-Gulf trade and unlocking new corridors with China and the Far East. With backing from sector-focused investors and one of the leading players in grape logistics, we are now better placed to scale sustainably and impactfully," says Biplob Barik, CEO & Co-Founder, Citrus Freight.

Over the next 12-24 months, Citrus Freight aims to clock Rs 45 crore in revenue, with a target of moving 1,500 containers, the release added.