EV Fleet-as-a-service Firm Bluwheelz Raises $500K In Seed Funding
Bluwheelz, an EV fleet-as-a-service firm, has raised $500,000 in seed funding from an early-stage fund, Faad Network.
Lets Venture, as well as from a group of High-Net-Worth Individuals (HNIs), a family office, and marquee angel investors from both India and the United States, also participated in the funding round.
As per the startup, with the freshly raised funds, it is poised to continue its expansion into other parts of the country over the next six months. The funding will also enable Bluwheelz to invest in advanced technology and innovations and enhance its service offerings.
It further strengthens the startup’s partnerships with various stakeholders in the electric mobility ecosystem.
BluWheelz | Electric Commercial Fleet Services
Founded by Sanjiv Gupta, along with co-founders Chanpreet Sethi and Jaspreet Dhingra, BluWheelz is a tech-enabled first-mile, mid-mile, and last-mile delivery firm with an exclusive EV fleet that addresses cost and timeline challenges for the E-commerce, quick commerce, and food tech industries while making a positive environmental impact.
Speaking about the development, Chanpreet Singh Sethi, Co-founder and CEO of Bluwheelz, said,
“We are ecstatic to have raised this seed funding with the support. This infusion of capital will be instrumental in accelerating our mission to bring clean and sustainable mobility solutions to urban areas across the country. Our commitment to reducing carbon footprints while providing superior mobility services remains unwavering.”
The startup offers a wide range of electric vehicles on a fleet-as-a-service model. It caters to the requirements of corporate clients operating in the domains of e-commerce, logistics, FMCG, food delivery, pharma, durables, urban mobility, and many more.
Bluwheelz claims to have achieved unparalleled growth, significantly increasing its fleet of electric vehicles and expanding its client base in Delhi/NCR in the past six months alone.
Commenting on the development, Aditya Arora, CEO of FAAD Network, said,
“Bluwheelz is changing the world by reducing pollution levels and solving for low adoption of commercial EVs. This is in line with our endearing vision to support enterprising ideas that are disrupting existing markets with technology intervention and driving massive consumption.”
This year, FAAD Network has invested in several early-stage startups across various sectors and geographies. FAAD Network, which is a CAT-1 SEBI registered AIF, has backed Qlan, a social networking app designed for gamers and esports enthusiasts; Sugar Watchers; Crib, a proptech startup; and a few other startups.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.