Tan90 Thermal Solutions is a company that started with a simple idea. The founders, Saumalya Mukherjee, Shiv Sharma, and Rajani Kant Rai, were PhD scholars who worked on a project to address cold chain issues. Here is how it all began.
The journey of Tan90 Thermal Solutions began in 2018 when the founders participated in the Shaastra Energy Challenge. This event was crucial as it gave them the initial funding and confidence to turn their idea into a product. At that time, it was just an idea, not a fully formed product.
The vision was clear: to provide efficient cold chain solutions. The founders knew that maintaining the right temperature during transport was vital for food and pharmaceuticals. They started working on this project alongside their PhD studies, taking time out whenever possible.
The early days were challenging but filled with learning. The founders brought their idea to the Gopalkrishna Deshpande Centre of Customer Interaction, where they realized the full scope of their project. This was a turning point, as it helped them understand the market need and potential impact of their solution.
The founding team consists of three PhD scholars: Saumalya Mukherjee, Shiv Sharma, and Rajani Kant Rai. They were mentored by Prof. Satyanarayanan Seshadri, which played a significant role in their journey. Each founder brought their unique expertise to the table, which helped in developing the innovative solutions Tan90 offers today.
Saumalya Mukherjee, one of the co-founders, has been instrumental in leading the company’s fundraising initiatives. His experience and leadership have been crucial in securing significant funding for the company’s expansion plans.
The team’s background in research and development has been a key factor in their success. Their academic roots have provided them with the technical knowledge needed to innovate in the cold chain industry.
Tan90 Thermal Solutions has come a long way since its inception. From a small project to a full-fledged company, the evolution has been remarkable. Here is how the company has grown over the years.
The initial concept was to create portable cold storage solutions using Phase Change Materials (PCMs). This idea evolved into a comprehensive cold chain solution that includes products for food and pharmaceuticals. Today, Tan90 offers a range of products, including PCM panels and sachets, which are energy-efficient and cost-effective.
The company has introduced a unique model called “Cooling as a Service” (CaaS). Under this model, businesses can lease cooling solutions without the need for blast freezers or significant asset investments. This model has proven to reduce operational costs by 25% compared to traditional methods.
Tan90’s solutions are now operational in several cities across India, including Pune, Hyderabad, Delhi, Chennai, and Bangalore. The company’s reach extends beyond India, with plans to expand into Southeast Asia and the European Union.
Tan90 has achieved several key milestones in its growth journey. Here are some notable ones:
These milestones reflect the company’s commitment to innovation and growth. The funding has been instrumental in supporting their expansion plans and introducing new models like CaaS[3]).
Tan90’s product portfolio has expanded significantly over the years. Here are some of the key products and services they offer:
The expansion of their product portfolio has enabled Tan90 to cater to a wider range of customers and industries, enhancing their market presence and impact[1]).
Tan90’s technology infrastructure is the backbone of their innovative solutions. Here is a look at their core platform architecture, security framework, and industry innovations.
Tan90’s core platform architecture revolves around the use of Phase Change Materials (PCMs). These materials can store thermal energy and provide passive cooling support. The company integrates these PCMs with HVAC systems to optimize cooling efficiency and reduce energy consumption.
The PCM technology is designed to absorb heat during the day and release it at night, maintaining a stable temperature without constant air conditioning. This approach minimizes the need for high-power cooling at peak times, making it energy-efficient and cost-effective[4]).
The platform also includes tools like the heat load calculator, which helps businesses determine their specific cooling needs. This ensures that the solutions provided are tailored to the exact requirements of the client[1]).
Tan90 ensures that their solutions comply with all relevant regulations and standards. Here are some aspects of their security and compliance framework:
This framework ensures that Tan90’s solutions are not only effective but also safe and compliant with regulatory requirements[1]).
Tan90 has been at the forefront of innovation in the cold chain industry. Here are some key innovations they have introduced:
These innovations have set Tan90 apart in the industry, making them a leader in cold chain solutions[3]).
Tan90 Thermal Solutions Private Limited has made a significant impact in the market since its establishment in 2019. Here’s a look at how the company has grown and expanded its influence.
Tan90 has seen substantial growth in its user base, particularly in the cold chain industry. The company's innovative products, such as ice gel packs, cold bags, and phase change materials, have attracted a wide range of clients. For instance, Tan90's entry into the Philippines market, in collaboration with USAID, resulted in a significant reduction in operational costs for clients in the fisheries industry. This success has led to an increase in the company's customer base across various sectors[8].The company's products have been well-received due to their effectiveness in maintaining temperature control, which is crucial for industries like food and pharmaceuticals. This has led to a loyal customer base that appreciates the quality and reliability of Tan90's solutions.
Tan90 has been expanding its market share by entering new markets and introducing innovative products. The company is planning to expand its footprint in major cities like Mumbai, Kolkata, Kochi, and Visakhapatnam. This expansion is driven by the growing demand for cold chain solutions, especially in India, which is the fastest-growing cold chain market globally[8].Tan90's market share expansion is also facilitated by its strategic collaborations. For example, the company's rebranding efforts, supported by The Majik House, have helped position Tan90 as a leader in economical and sustainable cold chain services. This rebranding has enhanced the company's market presence and appeal to a broader audience[9].
While Tan90 is primarily focused on providing thermal solutions, its impact extends to financial inclusion through cost savings for its clients. By reducing operational costs, Tan90 helps its clients allocate resources more efficiently. For instance, in the Philippines, Tan90's solutions led to a 40% reduction in operational costs for clients in the fisheries industry, which is a significant financial benefit[8].This cost savings can be seen as a form of financial inclusion, as it enables businesses to operate more sustainably and allocate resources to other critical areas. Additionally, Tan90's affordable pricing strategy makes its products accessible to a wider range of customers, contributing to financial inclusion.
Tan90 Thermal Solutions Private Limited has experienced significant financial growth and development since its inception.
Tan90's revenue has shown promising growth. The company's operating revenue range is between INR 1 crore and INR 100 crore for the financial year ending on 31 March 2022. This indicates a strong financial performance and a growing market presence[7].The revenue growth is attributed to the increasing demand for Tan90's products and its successful entry into new markets. The company's innovative products and cost-effective solutions have attracted a large client base, contributing to its revenue growth.
Despite the revenue growth, Tan90's path to profitability has faced some challenges. The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was -207.41% for the financial year ending on 31 March 2022, indicating operational losses. However, the company's net worth increased by 26.78% during the same period, showing potential for future profitability[7].Tan90 is working towards achieving profitability by investing in research and development, particularly in space cooling and data center cooling. These investments are expected to enhance the company's product offerings and improve its financial performance.
Tan90 has secured significant investments to support its growth and expansion plans. In May 2023, the company raised Rs 11.32 crore in a pre-Series A investment round co-led by Blue Ashva Capital and Capital A 3i Partners. This funding will be used to expand Tan90's operations and introduce an innovative Cooling-as-a-Service (CaaS) model[8].The investment round reflects the confidence of investors in Tan90's potential and its innovative approach to the cold chain industry. The funding will help the company to further develop its products and services, enhancing its market position and valuation.
Tan90 Thermal Solutions Private Limited has formed several strategic partnerships to enhance its operations and market presence.
While specific details on banking collaborations are not readily available, it is clear that Tan90's financial health and growth would benefit from partnerships with financial institutions. These collaborations could provide access to necessary funding, financial advisory services, and other support mechanisms that are crucial for a growing business.
Tan90 has collaborated with various merchants and clients across different industries. For example, its collaboration with USAID in the Philippines demonstrated the effectiveness of its products in reducing operational costs and improving food quality. Such partnerships help Tan90 to understand the specific needs of its clients and tailor its solutions accordingly[8].These merchant partnerships also serve as testimonials to the quality and efficacy of Tan90's products, helping to build trust and credibility in the market.
Tan90 is investing in research and development to enhance its technology offerings. The company is exploring new areas such as space cooling and data center cooling, which are in high demand. By forming technology alliances, Tan90 can leverage the expertise of other companies to develop innovative and sustainable cooling solutions[8].For instance, the company's focus on phase change materials and passive coolants indicates a commitment to advanced technologies that can offset costs and reduce environmental impact. These alliances will be crucial in helping Tan90 stay at the forefront of thermal solution technology.
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