EV fleet as a service provider Bluwheelz secures USD 500K in seed funding led by FAAD Network

Bluwheelz, an Indian electric vehicle (EV) fleet-as-a-service company, has secured USD 500,000 in seed round funding led by FAAD Network, an early-stage fund in India. Other contributors to the funding round include Lets Venture, along with High-Net-Worth Individuals (HNIs), a notable family office, and marquee angel investors from both India and the United States.

Through its Fleet As A Service Model, Bluwheelz provides a fleet of eco-friendly commercial electric vehicles. Bluwheelz has gained recognition for its customer-centric strategy and commitment to sustainability. In the past six months, the company has expanded its fleet of electric vehicles and broadened its client base in the Delhi/NCR region. The company operates 2Ws, 3Ws and 4Ws and has nearly 400 vehicles in Delhi/NCR at the moment. Bluwheelz aims to scale up to 1000 vehicles by next month with operations in a couple of more cities.

The newly acquired capital will empower Bluwheelz to extend its operations to additional regions within the country over the next half-year. The company is investigating possibilities to expand its services to new cities and areas. Backed by strategic investors, Bluwheelz aims to establish a network of environmentally friendly EV fleets tailored 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 funding highlights Bluwheelz’s progression to transform urban mobility in India and beyond. The funding injection will also facilitate investments in advanced technologies and innovations, enhance service offerings, and fortify partnerships with various stakeholders in the electric mobility sector.

“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 Mr 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.”