Wheelocity Raises $12 Mn To Solve Supply Chain Issues For Quick Commerce Startups

Wheelocity Raises $12 Mn To Solve Supply Chain Issues For Quick Commerce Startups

SUMMARY

The funding round, which was a mix of equity and debt, was led by Lightspeed Venture Partners with participation from Anicut Capital

While Lightspeed funded 80% of the total amount in exchange of equity, Anicut Capital had a 20% contribution to the round in equity and debt

Wheelocity, founded in September 2021, enables procurement and distribution of fresh produce for B2C and B2B players such as Dunzo, Swiggy Instamart

Wheelocity, a supply chain network enabler for fresh products, has raised $12 Mn in its Series A funding round led by Lightspeed Venture Partners, with participation from Anicut Capital. The round was a combination of equity and venture debt.Wheelocity founder and CEO Selvam VMS said that the startup will use the fresh funds in three broad areas — building more on the tech stack, expanding areas of business operation, and building its farm-side network.  It enables procurement and distribution of fresh produce for B2C and B2B players such as Dunzo, Swiggy Instamart, Zepto, Blinkit, Ninjacart, Zomato Hyperpure, among others, with the help of its tech stack and supply chain network. “Traditionally, India has been running its fresh supply chain also on a model that is similar to FMCG or grocery supply chain and that’s the reason why we see India as a country lose a very large portion of our harvest to wastages, especially in the fresh produce. That’s the exact problem we are solving,” Selvam said.

While Lightspeed funded 80% of the total amount in exchange of equity, Anicut Capital had a 20% contribution to the round in equity and debt.

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