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Wheelocity raises $12 million for its fresh trade supply chain network in India – londonbusinessblog.com

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Wheelocity, an early-stage supply chain startup that handles the delivery of fresh food for fast trading platforms in India, has raised $12 million in a new round of funding as it prepares to broaden its product offerings and expand its workforce.

Lightspeed India Partners led the startup’s Series A financing, which is a mix of 80 percent equity and 20 percent venture capital, the startup said. Anicut Capital and some other investors also participated in the round.

Founded in September 2021, wheelocity provides fast trading companies 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 clients include Swiggy’s Instamart, Flipkart-backed Ninjacart, Google-backed Dunzo, and Zomato’s Blinkit.

“Fresh trade as a category has operated in a very traditional way, so to speak, for the past 2,000 years,” said Selvam VMS, founder and CEO of Wheelocity, in a telephone interview. “So we make it technology-enabled and bring a lot of insight into inventory management.”

The Chennai-based startup claims that by leveraging its technology-based supply chain network, customers can launch operations in new cities in less than seven days.

Wheelocity is currently operational in more than 12 cities, including the top seven, handling nearly 700 tons of fruit and vegetable stocks daily. It has a team of more than 350 members that it plans to expand over the next six months to include features in product, technology and operations, among others.

Although Wheelocity started its business with fruits and vegetables, it has since expanded into areas such as dairy, seafood, meat and poultry.

In the next 12 months, the startup aims to reach more than 30 cities in India.

Wheelocity was started up prior to the financing round. The founding team that includes co-founders Amresh Singh and Senthil Kumar, along with VMS, had invested $6.30,000-$7.50,000 in the company, VMS told londonbusinessblog.com.

“Solving the fresh supply chain in India is a very big problem and in Wheelocity we saw a mission driven team, committed to making a meaningful difference for its customers by creating the rails for fresh trade in the country,” said Rahul Taneja , Partner at Lightspeed, in a statement.

Wheelocity plans to use its fundraising efforts to build new product offerings for farm operations and build technology-driven 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 booming in India. Swiggy’s Instamart and Y Combinator-backed Zepto are among the leaders in space, taking off during the pandemic.

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