Gurugram, India-based early-stage supply chain startup Wheelocity raised USD 12 million in Series A funding. The round took place on July 12, 2022. Lightspeed India Partners led the financing for the firm. Meanwhile, Anicut Capital, along with other investors, participated in the Series A round.
The transaction is a mixture of debt and equity; wherein, the debt amounts to USD 2 million.
Purpose of funding by Wheelocity
The recent capital would aid the supply chain startup to build new product offerings on-farm side operations. Wheelocity seeks to develop enhanced technological solutions to deliver automation and standardisation.
Meanwhile, the company continues to work on product development. Besides, the firm intends to ramp up its hiring operations. They will expand the team size across functions such as product, technology, and operations.
What the founder has to say
Selvam VMS, Founder and CEO, Wheelocity, said, “India is a fresh-food surplus country. Despite that, while, on the one hand, we dump/lose hundreds of thousands of tonnes of F&V every day due to supply chain inefficiencies, on the other hand, studies indicate more than 33 million Indians are undernourished. Clearly, there is a massive problem to be solved by building the rails for fresh produce in India, and we are excited to be backed by Lightspeed and Anicut to solve this at scale.”
“We are going to enable all our customers to buy directly from farmers, thereby getting much better economics and much better visibility and consistency of quality and supply. So, the farm side network is something that we are investing a great deal into building out,” he further added.
What the Investors have to say
Rahul Taneja, Partner at Lightspeed, said, “Solving the fresh supply chain in India is a very large problem. In Wheelocity, we saw a mission-driven team committed to creating a meaningful difference for its customers by creating the rails for new commerce in the country. We are delighted to partner with the team and excited that their unique approach is being rewarded with increased trust from customers.”
“With the highly efficient and sustainable solutions built by Wheelocity, we believe that they will bridge the existing bottlenecks of fresh commerce in India and revolutionise the entire farm-to-fork supply chain,” said Ashvin Chadha, Managing Partner, Anicut Capital.
About Wheelocity
Chennai and Bangalore, India-headquartered Wheelocity operates in the supply chain segment. Selvam VMS and Senthil Kumar are the founders of the company. The firm supplies fresh fruits and vegetables to quick commerce platforms such as Swiggy Instamart, Dunzo, Blinkit, and Zepto. Since its inception, the company has had a presence in more than 12 cities.
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