Wheelocity has secured almost 95 crore in its Series A round of funding. Lightspeed Venture Partners led the funding round whose debt component was $2 million.
Wheelocity, a fresh commerce supply chain network, has secured $12 million (about Rs 95 crore) in a Series A round headed by Lightspeed Venture Partners. The fundraising round included a $2 million debt component. Along with other investors, Anicut Capital took part in the round.
Wheelocity, founded in September 2021 by Selvam VMS and Senthil Kumar, provides fresh fruits and veggies to firms including Blinkit, and Swiggy Instamart.
For its business-to-business (B2B) clients, it provides plug-and-play models, which means that any firm that wants to supply fresh fruits and vegetables to its consumer base may partner with Wheelocity and immediately enable the service.
The additional money will be used by the Chennai and Bengaluru-based business to develop new product offerings on farm side operations, as well as technology to deliver automation and standardisation, as well as product development. It will also employ in the product, technology, and operations sectors.
Wheelocity competes with Ninjacart, which also provides a B2B plug-and-play paradigm. Since its founding, the firm has expanded its operations to over a dozen cities.
Selvam said Wheelocity will enable all its clients to buy directly from farmers. This will result in considerably better economics and much greater visibility and consistency of quality and supply.
Selvam added, “As a result, we are putting a lot of effort into expanding the farm side network.” The additional money will be used by the Chennai and Bengaluru-based business to develop new product offerings on farm side operations, as well as technology to deliver automation and standardisation, as well as product development. It will also employ in the product, technology, and operations sectors.
Wheelocity competes with Ninjacart, which also provides a B2B plug-and-play paradigm. Since its founding, the firm has expanded its operations to over a dozen cities.
Selvam added, “We are going to enable all of our clients to buy directly from farmers, resulting in considerably better economics and much greater visibility and consistency of quality and supply. As a result, we are putting a lot of effort into expanding the farm side network.”
The firm claims that its integrated network of collection centers, fulfillment and distribution centers, last-mile hubs, dark shops, and logistical services allows its clients to debut in new locations in less than a week.
Rahul Taneja, partner at Lightspeed Venture Partners, stated, “We’re sure that their full-stack strategy will enable numerous firms to build and flourish, spanning multiple new categories and locations.”
