Venture Catalysts Leads $1 Million Bridge Funding Round For BluWheelz

The round also saw participation from esteemed investors, including FAAD, LetsVenture, and Chakra Growth Fund.

Updated on: 22 April 2024 1:58 pm

From left to right: Jaspreet Dhingra, Co-founder and CFO; Sanjiv Gupta, Founder and Chairman; and Chanpreet Sethi, Co-founder and CEO of Bluwheelz

Photo: From left to right: Jaspreet Dhingra, Co-founder and CFO; Sanjiv Gupta, Founder and Chairman; and Chanpreet Sethi, Co-founder and CEO of Bluwheelz

Venture Catalysts, an early-stage investment firm, has announced its participation in the $1 million bridge funding round for BluWheelz, a tech-enabled delivery company revolutionizing logistics with an exclusive electric vehicle (EV) fleet. The round also saw participation from esteemed investors, including FAAD, LetsVenture, and Chakra Growth Fund.

Operating in 18 cities with a comprehensive fleet solution covering 2-wheelers, 3-wheelers, and 4-wheelers, BluWheelz distinguishes itself from competitors with plans to integrate 6-wheelers, pioneering the EV fleet as a service in the country.

Dr. Apoorva Ranjan Sharma, co-founder and managing director of Venture Catalysts, said, “BluWheelz's impressive growth trajectory, strategic partnerships, and visionary leadership position them as frontrunners in the rapidly evolving EV market. We are confident in their ability to drive transformative change and look forward to being a part of their success story.”

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BluWheelz's success is driven by its differentiated strategies, including strong partnerships with top vehicle OEMs like Eicher-Volvo and Tata Motors, an innovative low-cost, high-impact franchise model, comprehensive technology integration, and strategic alliances for charging and parking infrastructure.

“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.

After nearly doubling in 2023, the Indian EV market is all set to grow in 2024. A report by research firm Counterpoint says that the country’s EV sales are expected to grow by 66 percent in 2024. Similarly, the market share of EVs in passenger vehicles is expected to grow to 4 percent in 2024 from 2 percent in 2023. No wonder there has been an increase in EV start-ups in India, including BluSmart, Ola Electric, Ather Energy, and more.