Wheelocity, an India-based supply chain company, has secured $12M in a series A round headed by Lightspeed Venture Partners. Anicut Capital and other investors participated in the investment round, which included a mix of equity and venture loans.
The funding will be used by the Chennai-based startup to develop new agricultural goods, allowing its customer base to increase quickly and driving savings throughout the F&V supply chain. Wheelocity plans to hire in product, technology, and operations areas over the next six months.
Wheelocity, founded in 2021 by Selvam VMS, Senthil Kumar, and Amresh Singh, provides supply chain solutions for those dealing with fresh food. Swiggy Instamart, Dunzo, and Blinkit are among the grocery and condiment delivery systems with which the company collaborates.
Wheelocity has expanded its services to more than 12 cities in less than a year and plans to expand to more than 30 locations in the next 12 months.
Selvam VMS, Founder and CEO, Wheelocity, said, “India is a fresh-food surplus country. Despite that, while, on 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 33M 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.”
The firm, which already processes roughly 700 tonnes of fruits and vegetables every day, plans to expand its services to include dairy, fish, meat, and chicken.
Rahul Taneja, Partner at Lightspeed, said, “Solving the fresh supply chain in India is a very large problem, and in Wheelocity, we saw a mission-driven team, committed to create a meaningful difference for its customers by creating the rails for fresh 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 a 350+ member team, Wheelocity has become operational in 12+ cities in less than a year, processing close to 700 tonnes of F&V every day. While the company began with F&V, it plans to expand into the Dairy, Seafood, Meat, and Poultry sectors and has already begun cooperating with customers in these areas.