Wheelocity Raise $15M in Series A for Geographical and User Expansion In just six months, the start-up boasts of presence in over 3,500 towns and villages, serving one million consumers
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Provider of fresh supply chain solutions Wheelocity announced it had raised a Series A funding of USD 15 million.
On Tuesday, the start-up shared it had raised funding from existing investor Lightspeed, with participation from Alteria Capital, Anicut Capital and the company's founder.
"India's growth story is incomplete without the digital inclusion of our semi-urban and rural populations. It remains a very large, profitable and yet untapped opportunity. This funding from Lightspeed and other partners validates our vision of building a commerce ecosystem specifically designed for these markets, taking into account their unique challenges and opportunities," said Selvam VMS, founder and CEO, Wheelocity.
Targeting India's semi-urban and rural markets worth USD 1.1 trillion, the capital inflow will not only work towards bridging the commerce access gap across India's semi-urban and rural markets but also aim at expansion to 20,000 towns and villages over the next 12 months, targeting a user base of 10 million consumers.
"The next wave of India's commerce growth will come from beyond the top 200 cities. Wheelocity's deep understanding of semi-urban markets, combined with their technology-first approach, positions them uniquely to capture this massive opportunity. We're excited to continue to partner with them in this journey," said Rahul Taneja, partner, Lightspeed.
To solve problems such as fragmented demand resulting in high customer acquisition and last-mile delivery costs, complex consumer preferences spanning multiple languages, categories, and brands, and limited direct market reach, necessitating reliance on distributor and reseller networks, Wheelocity's platform offers high frequency direct access infrastructure, hybrid offline-online model, and cost-effective service delivery.
In just six months, the start-up boasts of presence in over 3,500 towns and villages, serving one million consumers.
