Total amount raised
$27 Millions
Latest funding date
11/1/2024
Location
Wheelocity has successfully raised significant funding over multiple rounds, attracting notable investors such as Anicut Capital and LightSpeed. The company specializes in technology-powered supply chains for fresh produce, aiming to reduce food wastage and improve efficiency.
Keep reading to explore the intricacies of Wheelocity's fundraising journey and the investors backing this innovative platform.
What Is Wheelocity?
Founded in September 2021, Wheelocity is a supply-chain network based in Chennai, Tamil Nadu, India. The company specializes in technology-powered supply chains for fresh produce, aiming to minimize food wastage and improve efficiency.
Wheelocity was established by Cdr Amresh Singh (Retd), Selvam VMS, and Senthil Kumar. The company employs between 101 and 250 people, focusing on creating an optimized supply chain for fruits, vegetables, dairy products, poultry, and meat.
By leveraging technology, Wheelocity provides an integrated network that includes Collection Centers, Distribution Centers, Dark stores, and first mile & mid mile logistics, ensuring a fast-moving and efficient supply chain.
How Much Funding Has Wheelocity Raised?
- Debt Financing
- Amount Raised: $2.4M
- Date: July 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational costs and expand logistics capabilities.
- Series A
- Amount Raised: $9.6M
- Date: July 2022
- Lead Investors: Lightspeed India Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technology infrastructure.
- Series A
- Amount Raised: ₹1.3B (approx. $15.6M)
- Date: November 2024
- Lead Investors: Lightspeed India Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To transition to a B2C fresh commerce delivery model and expand market reach.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: November 2024
- Lead Investors: LightSpeed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and expansion.
Total Amount Raised: $27.6M
Current Valuation: Not publicly disclosed
Key Investors
- Lightspeed
- Details: Lightspeed is a global venture capital firm that focuses on multi-stage investments. They have a strong presence in technology and innovation-driven companies.
- Investment Focus Areas: Technology, innovation, consumer services.
- Notable Investments: Snapchat, OYO, Byju's.
- Alteria Capital
- Details: Alteria Capital is a venture debt fund that provides debt financing to high-growth startups. They aim to support companies through various stages of their growth.
- Investment Focus Areas: Startups, high-growth companies, technology.
- Notable Investments: Dunzo, Rebel Foods, Lendingkart.
- Anicut Capital
- Details: Anicut Capital is a venture capital firm that invests in early to growth-stage companies. They focus on providing financial support to innovative businesses.
- Investment Focus Areas: Early-stage companies, growth-stage companies, various sectors.
- Notable Investments: Wow! Momo, Bira 91, Lendingkart.
- Selvam VMS
- Details: Selvam VMS is the founder of Wheelocity and has been instrumental in its strategic direction. He has a deep understanding of logistics and fresh commerce delivery.
- Investment Focus Areas: Logistics, fresh commerce delivery, semi-urban and rural markets.
- Notable Investments: Primarily invested in Wheelocity.
What's Next for Wheelocity?
Wheelocity's transition to a B2C fresh commerce delivery model opens up vast opportunities in semi-urban and rural markets, targeting over 800 million underserved people. By leveraging a 'phygital' approach, the company aims to expand its reach from 3,500 to 20,000 towns and villages, potentially serving 10 million users within the next year.
With such ambitious growth plans, future fundraising seems inevitable to support product innovation, technology upgrades, and team expansion. However, challenges like competition from established players and promoting digital adoption in largely offline populations could pose significant hurdles. Ensuring efficient logistics in these areas will be crucial for sustained success.
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