Wheelocity Raises $12 Million In Series A Funding
The company aims to leverage the fundraise to build new product offerings in farm side operations, helping its current customer base to scale rapidly and at the same time drive efficiencies within the fruits and vegetables supply chain
Wheelocity, a supply chain network for fresh commerce, has raised $12 million in Series A funding round, led by Lightspeed. The round was a mix of equity and venture debt. It also saw the participation of Anicut Capital and other investors. The company aims to leverage the fundraise to build new product offerings in farm side operations, helping its current customer base to scale rapidly and at the same time drive efficiencies within the fruits and vegetables (F&V) supply chain.
"India is a fresh-food surplus country and despite that while on one hand we dump hundreds and 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," said Selvam VMS, founder and CEO, Wheelocity.
In less than a year since inception, Wheelocity has become operational in more than 12 cities handling close to 700 tonnes of F&V every day, with more than 350-member team. While the business started with F&V, Wheelocity recognizes vast untapped potential in the dairy, seafood, meat and poultry sectors and has already started partnering with customers here. Over the next 12 months, Wheelocity further aims to reach over 30 more cities in India, claimed by the company in a statement.
"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," said Rahul Taneja, partner, Lightspeed.
Established in 2021, Wheelocity leverages technology to help fresh commerce companies improve their customer experience by delivering unparalleled inventory availability, better quality and reduced wastage in the fresh supply chain, all of this at a better in class and cost.