Lightspeed doubles down on Wheelocity, leads $15 mn funding

By Roshan Abraham

  • 12 Nov 2024
Selvam VMS, founder and CEO, Wheelocity

Wheelocity, a fresh produce supply chain startup based in Chennai, has raised $15 million (Rs 126.6 crore) in its Series A2 funding round, led by existing backer Lightspeed Venture Partners. 

The multi-stage venture capital firm was joined by Alteria Capital, Anicut Capital and the company’s founder in the investment.

The latest funding comes more than two years after Wheelocity raised $12 million from Lightspeed and Anicut Capital in a Series A round. 

"This growth will be supported by investments in Wheelocity’s proprietary technology stack, direct reach network, and teams across category management, operations, product, and engineering," the company added. 

The fresh funding will be used to expand to 20,000 towns and villages over the next 12 months, targeting a user base of 10 million consumers, the company said in a statement. It claims to have established operations in 3,500 towns and villages and serving a million consumers in just six months. 

"The next wave of India's commerce growth will come from beyond the top 200 cities," said Rahul Taneja, partner at Lightspeed. 

Wheelocity says it has built a platform which provides infrastructure such as "high frequency access rails" which will serve essential goods such as groceries daily as a starter and expand into discretionary category goods. The platform also offers online and offline mode of commerce and low-cost supply chain for brands. 

The startup was founded in September 2021 by Selvam VMS, Senthil Kumar A and Amresh Singh.