Faad Network, India’s leading early-stage fund, has led the seed funding round of 500,000 USD for Bluwheelz, India’s pioneering EV fleet-as-a-service company. The funding round saw strong participation from Lets Venture, as well as from an esteemed group of High-Net-Worth Individuals (HNIs), a prominent family office, and marquee angel investors from both India and the United States
With this new capital infusion, Bluwheelz is poised to continue its expansion into other parts of the country over the next six months. The company is already actively exploring opportunities to serve new cities and regions, and with the backing of strategic investors, Bluwheelz aims to create a network of eco-friendly EV fleets for commercial mobility.
“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 which are disrupting existing markets with technology intervention and driving massive consumption.” said, Aditya Arora, CEO, FAAD Network.
This recent funding round marks a significant milestone in Bluwheelz’s journey, underlining the growing confidence in the company’s vision to revolutionize the urban mobility landscape in India and beyond. The funding will also enable Bluwheelz to invest in advanced technology and innovations, enhance its service offerings, and further strengthen its partnerships with various stakeholders in the electric mobility ecosystem.
“We are ecstatic to have raised this seed funding with the support of visionary investors such as FAAD and Lets Venture, as well as several distinguished HNIs and Angel Investors,” said Chanpreet Singh Sethi, Co-Founder and CEO of Bluwheelz. “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.”
Since its inception, Bluwheelz has made remarkable strides, revolutionizing the way people perceive and embrace electric mobility. By providing a comprehensive fleet of eco-friendly commercial electric vehicles on a FAAS (Fleet As A Service Model), Bluwheelz has rapidly gained traction and widespread acclaim for its customer-centric approach and commitment to sustainability. In the past six months alone, Bluwheelz has achieved unparalleled growth, significantly increasing its fleet of electric vehicles and expanding its client base in Delhi/NCR.