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Faad Network Leads $500K Funding For BluWheelz, EV Fleet Startup

BluWheelz, an electric vehicle (EV) fleet-as-a-service startup, has successfully raised a substantial seed investment of $500,000. The funding round was led by Faad Network, a well-known early-stage fund in India. Notable participants in this round include LetsVenture, along with a significant family office, High-Net-Worth Individuals (HNIs), and influential angel investors hailing from both India and the United States. 

The secured funds will be strategically channeled by BluWheelz to fuel its expansion plans into diverse regions across the country over the upcoming six months. Moreover, the investment will be directed towards the integration of cutting-edge technology and innovative solutions, bolstering its service portfolio. 

Established in 2022 by Jaspreet Dhingra, Sanjiv Gupta, and Chanpreet Sethi, BluWheelz has swiftly positioned itself as a premier provider of EV Fleet as a Service in India. The company’s service offerings cater to a wide spectrum of sectors, encompassing ecommerce, logistics, fast-moving consumer goods (FMCG), food delivery, pharmaceuticals, and more. With this infusion of capital, BluWheelz aims to not only enhance its geographical presence but also elevate the technological prowess of its service ecosystem, ensuring its continued growth and impact within the evolving EV landscape. 

“We are ecstatic to have raised this seed funding with the support. 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,” said Chanpreet Singh Sethi, co-founder and CEO, Bluwheelz. 

Aditya Arora, CEO, FAAD Network said, “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”