In a major boost to India’s sustainable logistics sector, Finvolve, a multi-stage venture capital fund backed by India Accelerator, has invested ₹2 crore in Battwheelz, an emerging Electric Mobility as a Service (EMAAS) company. The funding round, which valued Battwheelz at ₹60 crore, also saw participation from a group of angel investors. This strategic investment aims to accelerate Battwheelz’s expansion and strengthen its presence in key Indian cities.
The fresh infusion of capital will be utilized to enhance Battwheelz’s operations in southern India, particularly focusing on Bengaluru, Chennai, and Pune. Founded in 2022, Battwheelz currently operates a fleet of over 450 electric vehicles, offering clean and efficient mobility solutions to clients who prioritize eco-friendly logistics. The company has quickly built a reputation for providing sustainable last-mile delivery services that align with corporate environmental goals.
Ashish Bhatia, Founder and CEO of India Accelerator and Co-founder of Finvolve, expressed that this investment underscores Finvolve’s commitment to supporting startups that combine innovation with measurable environmental impact. He highlighted that Battwheelz’s growth model perfectly fits Finvolve’s vision of nurturing ventures that contribute to India’s green economy.
On the other hand, Battwheelz’s Founder and Managing Director, Chetan Chaturvedi, said that the new funding will empower the company to scale operations while maintaining its commitment to sustainability. He added that with Finvolve’s backing, Battwheelz aims to expand its fleet, strengthen infrastructure, and bring green logistics solutions to more cities across India.
Looking forward, Battwheelz plans to raise an additional ₹80 crore and achieve fivefold topline growth by FY2025. The company currently reports a Monthly Recurring Revenue (MRR) of ₹80 lakh, which it aims to scale seven times while ensuring strong unit economics and profitability. The growth strategy focuses on expanding partnerships with e-commerce and logistics players seeking sustainable mobility alternatives.
Finvolve’s investment in Battwheelz aligns with its broader strategy of supporting innovative startups across clean mobility, fintech, healthcare, and enterprise technology. The venture capital fund aims to empower early-stage companies through capital, mentorship, and a growth ecosystem, contributing to India’s transition toward a sustainable and tech-driven future.
