Battwheelz raises ₹2 Crore in Seed Funding from Finvolve

Finvolve, a multi-stage venture capital fund, has announced a ₹2 crore seed investment in Battwheelz, an Electric Mobility as a Service (eMaaS) company focused on last-mile delivery. The funding round, raised at a valuation of ₹60 crore, also saw participation from other angel investors. The funds will be used to expand operations in Bengaluru and enhance Battwheelz’s electric vehicle (EV) fleet in Chennai and Pune.

Founded in 2022, Battwheelz operates in Pune, Chennai, and Bengaluru with a fully electric fleet of over 450 vehicles deployed for third-party logistics (3PL) operations. The company positions itself as an EV-based logistics service provider in the 3PL segment.

Ashish Bhatia, Founder & CEO of India Accelerator and Co-Founder of Finvolve, said “Battwheelz is solving a critical need in India’s logistics ecosystem by integrating sustainability with scale. At Finvolve, we believe in backing companies that are shaping industries for the future with innovation and our investment in Battwheelz reflects our commitment to enabling cleaner, smarter and more impactful growth in last-mile delivery.”

Chetan Chaturvedi, Founder & Managing Director of Battwheelz, stated , “We are on a mission to redefine logistics by making it 100% sustainable and efficient. With Finvolve’s support, we are now equipped to accelerate our expansion across India while staying focused on our vision to reduce carbon footprints and build a cleaner future for logistics.”

Following this round, Battwheelz plans to raise up to ₹80 crore and achieve fivefold growth in topline revenue by FY25. The company currently reports a Monthly Recurring Revenue (MRR) of ₹80 lakh and projects a sevenfold increase in MRR while maintaining unit-level profitability.

Finvolve’s investment portfolio covers sectors including electric mobility, defence technology, consumer internet, fintech, healthcare, and enterprise solutions. The fund, supported by India Accelerator, focuses on enabling startups with access to capital for scalable and sustainable growth.

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