FAAD Network leads seed round in EV startup Bluwheelz

Electric vehicle fleet-as-a-service platform Bluwheelz has secured $500,000 in a seed funding round led by Faad Network. The round also saw participation of Lets Venture and other investors.

The proceeds will be used for its expansion into other parts of the country, invest in advanced technology and innovations, enhance service offerings, and further strengthen its partnerships with various stakeholders in the electric mobility ecosystem, Bluwheelz said in a press release.

Co-founded in 2022 by Jaspreet Dhingra, Sanjiv Gupta, and Chanpreet Sethi, Bluwheelz empowers commercial mobility with its eco-friendly and convenient electric vehicle solutions. The startup offers a wide range of electric vehicles in a fleet. As a service model, catering to the requirements of corporate clients operating in the domain of e-commerce, logistics, FMCG, food delivery, Pharma, durables, urban mobility and many more.

Bluwheelz also said that it rapidly gained traction and widespread acclaim for its customer-centric approach and commitment to sustainability. The company is significantly increasing its fleet of electric vehicles and expanding its client base in Delhi/NCR.

FAAD Network invests in early-stage startups across various sectors and geographies. The fund has backed more than 75 startups, with follow-on rounds over 55% of its portfolio companies.