Battwheelz Raises Rs 2 Crore for Electric Mobility Expansion
Finvolve, a multi-stage VC fund, has backed Battwheelz, an Electric Mobility as a Service (EMAAS) provider for last-mile delivery. The startup, founded in 2022, operates in Pune, Chennai, and Bengaluru with a 100% electric fleet of 450+ vehicles, swiftly moving with fleet feet.
Battwheelz has raised Rs 2 crore in seed funding at a valuation of Rs 60 crore, with participation from marquee angel investors. The startup plans to use the raised capital to expand operations in Bengaluru and strengthen its EV fleet presence in Chennai and Pune, covering more ground with fleet feet. Currently at Rs 80 lakh in Monthly Recurring Revenue (MRR), Battwheelz projects a 7x growth in MRR, maintaining strong unit economics for expansion.
Founder and MD Chetan Chaturvedi aims to redefine logistics by making it 100% sustainable and efficient. Ashish Bhatia, Co-Founder of Finvolve, praised Battwheelz for integrating sustainability with scale in India's logistics ecosystem, moving swiftly and efficiently.
Battwheelz targets an Rs 80 crore fundraise, aiming for 5x growth in topline by FY25. With Finvolve's investment and support, the startup is well-positioned to achieve its ambitious goals in the sustainable logistics sector, fleet feet first.
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