Wheelocity, an early-stage supply chain startup that handles fresh grocery deliveries for quick trade platforms in India, has raised $12 million in a new round of funding to expand its product offering and expand its workforce.
Lightspeed India Partners led the startup’s Series A funding, which is a mix of 80 percent equity and 20 percent venture capital, the startup said. Anicut Capital and several other investors also participated in the round.
Founded in September 2021, Wheelocity provides quick commerce businesses with a fresh food supply chain. The startup says its supply chain network integrates collection centers, fulfillment and distribution centers, last-mile hubs, dark stores, and logistics.
Wheelocity’s customers include Swiggy’s Instamart, Flipkart’s Ninjacart, Google’s Dunzo and Zomato’s Blinkit.
“Perishables as a category has functioned in a very traditional way, so to speak, for the past 2,000 years,” said Selvam VMS, Wheelocity’s founder and CEO, in a phone interview. “So we’re making it tech-enabled and bringing a lot of transparency to inventory management.”
The Chennai-based startup claims that by leveraging its technology-enabled supply chain network, customers can start operations in new cities in less than seven days.
Wheelocity currently operates in over 12 cities, including the seven largest cities, and handles nearly 700 tons of fruit and vegetables daily. It has a team of over 350 members that is set to expand over the next six months to include product, technology and operations roles.
Although Wheelocity started its business with fruit and vegetables, it has since expanded into areas like dairy, seafood, meat and poultry.
In the next 12 months, the startup wants to reach more than 30 other cities in India.
Prior to the funding round, Wheelocity was bootstrapped. The founding team, which includes co-founders Amresh Singh and Senthil Kumar, along with VMS, had invested $6.30,000 to $7.50,000 in the company, VMS told TechCrunch.
“Solving the perishables supply chain in India is a very big issue and in Wheelocity we have seen a mission-driven team committed to making a meaningful difference for its customers by pioneering the perishables trade in the country creates,” said Rahul Taneja, partner at Lightspeed, in a statement.
Wheelocity plans to use its fundraising to build new product offerings on farms and build technology-enabled supply chains to reduce and eliminate food waste, it said. It also builds Internet of Things (IoT)-based packaging units, AI-based work solutions, and warehouse/logistics automation.
Instant commerce is on the rise in India. Swiggy’s Instamart and Y Combinator-powered Zepto are among the leaders in this space that took off during the pandemic.
Wheelocity raises $12 million for its supply chain network for fresh commerce in India – TechCrunch Source link Wheelocity raises $12 million for its supply chain network for fresh commerce in India – TechCrunch