EV Logistics Firm BluWheelz Raises $1 Million in Bridge Funding

BluWheelz plans to add 6-wheelers as an EV logistics service in India

April 22, 2024


BluWheelz, a tech-enabled logistics firm with an electric vehicle (EV) fleet, received $1 million in a bridge funding round led by Venture Catalysts, an integrated incubator. The other participants in the investment round included FAAD, LetsVenture, and Chakra Growth Fund.

The company expects to utilize the funds to expand its EV-fleet offerings for logistics across India.

Operating in 18 cities and providing logistic companies with fleet management services, including 2-wheelers, 3-wheelers, and 4-wheelers, BluWheelz plans to integrate 6-wheelers, pioneering EV fleet as a service in India.

“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,” said Apoorva Ranjan Sharma, Co-founder and Managing Director of Venture Catalysts.

BluWheelz’s initiatives, such as low-cost, high-impact franchise models, technology integration and advancements, strategic alliances for charging and parking infrastructure, and partnerships with vehicle OEMs like Eicher-Volvo and Tata Motors, highlight the company’s commitment to operational efficiency, cost-effectiveness, and sustainability.

“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,” said Sanjiv Gupta, Founder and Chairman of BluWheelz.

The company claims that the Indian EV market is flourishing and is expected to take over 40% of the automotive market, generating more than $100 billion by 2030, and BluWheelz is set to drive forward the adoption of electric vehicles in India.

The sale of EVs in India reached a record 486,669 units in the first quarter of 2024, compared to 347,676 units sold in the same period of 2023.

In March 2024, the Ministry of Heavy Industries launched the Electric Mobility Promotion Program 2024 with a funding of ₹5 billion (~$60.34 million). The program, which starts from April 1, 2024, to July 31, 2024, targets electric two-wheelers and three-wheelers.


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