Tech-enabled delivery startup BluWheelz raises $1M in funding led by Venture Catalysts, others

BluWheelz, a tech-enabled delivery startup specializing in electric vehicles (EV) logistics, has raised $1 million in a bridge funding round.

The round was led by Venture Catalysts, with participation from other investors, including FAAD, LetsVenture, and Chakra Growth Fund. The funding is set to propel BluWheelz's innovative logistics solutions across India, focusing on expanding its exclusive electric vehicle fleet.

Expansion across Indian cities

Currently operating in 18 cities, BluWheelz stands out in the rapidly growing EV market with its comprehensive fleet solutions that include 2-wheelers, 3-wheelers, and 4-wheelers.

The startup plans to innovate further by integrating 6-wheelers into its fleet, aiming to pioneer the concept of EV fleet-as-a-service in the country. BluWheelz claims that its fleet has grown to 1,200 vehicles and is serving over 40 billable clients across diverse sectors.

“With the successful completion of our latest funding round, Bluwheelz is poised to cement its dominance in the mid-mile EV segment. This is a strategic leap towards our goal of expanding our electric fleet with the introduction of cutting-edge 4-wheelers and 6-wheelers in collaboration with leading OEMs," said CP Sethi, CEO of BluWheelz.

"Our unwavering focus remains on bridging the gap between technological innovation and practical urban logistics solutions as we gear up to meet the burgeoning demand for eco-efficient fleet services. Together with our partners, we’re driving the future of delivery – cleaner, smarter, and further,” Sethi added.

Leadership comments

BluWheelz was founded by Sanjiv Gupta. “In every venture I’ve embarked upon, from revolutionizing the beverage industry to elevating India’s cargo airline sector, the constant has been a relentless pursuit of excellence and a transformative vision. Today, as Bluwheelz secures pivotal funding, we are on the cusp of seizing a greater share of the EV market,” said Gupta

“This is more than an expansion; it’s a commitment to redefine mobility and logistics through sustainability and innovation. We stand at the forefront, ready to steer the electric revolution in logistics, building not just a company but an ecosystem that propels us towards a future where progress and the planet move forward together.”

Commenting on the investment, Dr. Apoorva Ranjan Sharma, Co-founder and Managing Director of Venture Catalysts++, stated, “We are delighted to support BluWheelz in their mission to redefine logistics through sustainable mobility solutions. Their innovative approach, combining cutting-edge technology with a commitment to environmental responsibility, aligns perfectly with our investment philosophy."

Driving technological and strategic partnerships

BluWheelz also has partnerships with top vehicle manufacturers and strategic alliances for charging and parking infrastructure. 

With the Indian EV market projected to capture over 40% of the automotive market and generate more than $100 billion in revenue by 2030, the growth of EVs in passenger vehicles is expected to reach 4% in 2024, up from 2% in 2023, indicating a significant shift towards electric mobility in the country.