Wheelocity, a semi-urban commerce platform, has secured an additional $15 Million in its extended Series A funding round, led by existing investor Lightspeed and supported by Alteria Capital, Anicut Capital, and the company’s founder.
The Bengaluru-based startup initially raised $12 million in its Series A round in July 2022, also led by Lightspeed. Since then, Wheelocity has rapidly expanded, reaching over 3,500 towns and villages and serving one million consumers in just six months. With this new capital, the company plans to scale up its reach to 20,000 towns and villages in the next year, with a goal of serving 10 million consumers.
To meet the unique needs of semi-urban India, Wheelocity has developed a platform that provides high-frequency direct access infrastructure, initially focusing on essential goods like fresh produce and groceries. This foundation enables future expansion into discretionary categories, supported by a hybrid offline-online model designed for first-time users of organized commerce.
Financially, Wheelocity reported Rs 117 crore in operating revenue with a loss of Rs 12.56 crore in FY23, with its FY24 financial report yet to be filed.
