ISN Team12 Sep 2026
18:35IST
New Update
Cooling-as-a-Service (CaaS) startup Circolife has raised $4.5 million (Rs 40.45 crore) in a pre-Series A funding round as it looks to expand its air-conditioning subscription business across India.
The round was anchored by Bharat Jaisinghani, joint managing director of Polycab India.
Other investors included Nazara Technologies founder Nitish Mittersain, Intelliquity Ventures, Sumit Jalan, Everest Fleet founder Siddharth Ladsariya, Everest Flavours managing director Anand Ladsariya, Indian Express executive director Anant Goenka, Sky Impact Capital and Ideas91 founder Rohit Dev.
Family offices S N Damani and Vyom Wealth also participated.
Circolife said it will use the funding to expand its air-conditioning fleet and geographic footprint, strengthen its in-house installation and field-service operations, and develop its AI-supported Internet of Things predictive-maintenance and digital-twin technology.
Founded in 2023 by Abhishek Murarka, Tushar Patil and Devanshu Mishra, Circolife provides air-conditioning units to businesses through a monthly subscription model.
Customers pay to use the equipment rather than buying it upfront, while Circolife retains ownership and handles maintenance.
The startup serves businesses including restaurants, hotels, gyms, salons and co-living operators.
In its funding announcement, Circolife said it had about 10,000 active subscriptions across five cities. It is targeting 40,000 active units nationally within the next 24 months.
“Five cities and 10,000 subscriptions have shown us this model works,” Abhishek Murarka, co-founder and CEO of Circolife, said.
“This raise is what lets us actually start building at national scale, the fleet, the field service, the technology, and make Cooling-as-a-Service India’s default way to buy cooling, not an alternative to it,” he said.
Circolife operates two refurbishment facilities in Mumbai and Delhi, where air-conditioning units can be refurbished and redeployed at the end of their lifecycle.
Its units are connected through an IoT system that monitors factors including temperature, power consumption and gas pressure.
Circolife said the data is used by its predictive-maintenance system to identify potential equipment failures before they lead to breakdowns.
The startup is also developing digital twins of individual air-conditioning units and, later, entire sites. It plans to use data collected across its fleet to improve cooling performance and energy efficiency at both unit and property level.
Nitish Mittersain said Circolife’s use of operational data could become more valuable as the business grows.
“I’m drawn to businesses where every customer and every transaction makes the platform smarter. That creates a powerful compounding advantage,” he said.
“Circolife may look like an AC subscription business on the surface, but underneath it is building a data and intelligence layer that can make the entire fleet more efficient with scale,” he added.
Under the CaaS model, businesses use cooling equipment without having to buy it outright, while the service provider retains ownership and manages the equipment over its lifecycle.
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