Rural commerce startup Wheelocity has raised over ₹82 crore (about $8.5 million) in an ongoing funding round, according to its MCA filings. The total amount was raised across three tranches, with the latest tranche in June bringing in ₹54.99 crore from Elevar Equity AIF. The startup, founded in 2021, focuses on delivering fresh produce and grocery products to semi-urban and rural markets in India, transitioning from a B2B supply chain model to a consumer-facing platform in late 2023, according to inc42.com.
The funding round includes ₹16.32 crore from investors such as Lightspeed India Partners III LLC, LS Opportunities Access Fund LP, Grand Anicut Fund 3, and Magnum LLC. Earlier in March, Wheelocity raised ₹11.05 crore from investors including VML Karthikeyan, Lakshmi Narayanan Senthilnathan, V.M. Lakshminarayanan, L. Gurusami, and Unimix LLC through two separate transactions. The latest tranche was secured from Elevar Equity AIF, represented by Vistra ITCL (India) Limited. Wheelocity’s CEO Selvam VMS declined to comment on the ongoing round, per inc42.com.
Wheelocity’s pivot from a B2B supply chain partner for ecommerce and quick commerce platforms like Blinkit, Swiggy Instamart, and Zepto to a consumer-facing model in October 2023 reflects a strategic shift to capture a larger market in semi-urban and rural India. The startup’s focus on technology-led phygital commerce aligns with growing investor interest in rural commerce and supply chain innovations. This funding round adds to the growing capital inflows in startups targeting underserved markets in India’s hinterlands, as reported by inc42.com.
Wheelocity has raised a total of ₹82.36 crore across three funding tranches, with the most recent tranche of ₹54.99 crore secured in June from Elevar Equity AIF, according to MCA filings cited by inc42.com.