The total funding of Rs 82.36 crore came in across three separate tranches, according to the Inc42 report, citing the company’s filings with the Ministry of Corporate Affairs.
The first tranche brought in Rs 16.32 crore from Lightspeed India Partners III LLC, LS Opportunities Access Fund LP, Grand Anicut Fund 3, and Magnum LLC. In March, the company raised Rs 11.05 crore from a group of individual investors, including VML Karthikeyan, Lakshmi Narayanan Senthilnathan, V.M. Lakshminarayanan, and L. Gurusami, along with Unimix LLC, across two separate transactions.
The largest tranche came in June, when EE-FI, an alternative investment fund managed by Elevar Equity, invested Rs 54.99 crore through its trustee Vistra ITCL India Limited.
Wheelocity was founded in 2021 by Selvam, Senthil Kumar A, and Amresh Singh. Singh, who served as the startup’s chief product officer, left the startup in 2023 and later joined Amazon as an operations manager in January 2024, according to his LinkedIn profile.
The startup originally started as a B2B supply chain partner, working with quick commerce and ecommerce platforms including Blinkit, Swiggy Instamart, and Zepto.
In October 2023, Wheelocity shifted to a consumer-facing model after identifying what it described as a larger access problem in rural India, where residents often struggle to get consistent access to fresh produce and groceries through existing retail channels.
Wheelocity now runs a hybrid online and offline commerce model. Consumers can place orders through the company’s mobile app or buy products directly from branded electric carts that operate in villages.
The startup’s supply chain is built around what it calls a zero-inventory, pitstop-based flow-through model. Produce is sourced directly from farmers, routed through local hubs, and sold within 24 hours of harvest, which the company says helps reduce food wastage significantly compared to traditional multi-layered supply chains.
To manage this operation, Wheelocity uses AI for demand forecasting, route optimisation, and real-time tracking of its fleet. Its last-mile delivery network runs on electric vehicles.
It claims that it serves more than 5 lakh households across over 3,300 villages. It employs more than 1,500 rural workers and operates an electric vehicle fleet that covers over 1 lakh kilometres every day across its delivery network.
