- January 16, 2019 / 3 min readThe funds raised will be used by the company for expanding operations across southern and western India, bolstering its technology platform and reinforcing its supply chain.
In order to fund expansion plans, Chennai-based agritech startup WayCool Foods has raised Rs 120 crore by a combination of equity and debt from angel investors, institutional lenders, including from Northern Arc Capital and Caspian.
The funds raised will be used by the company for expanding operations across southern and western India, bolstering its technology platform and reinforcing its supply chain.
Set up in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool Foods is operating full-stack, broadline product range across multiple channels and categories such as fresh produce, staples and dairy.
Sanjay Dasari, Co-Founder of WayCool Foods, said, "Along with rapid growth, we have always been committed to profitability, and almost all of our business lines are operationally profitable. We had committed to open and operate three locations after our last institutional fund-raise – we are currently operating in 13 locations. WayCool takes pride in the fact that over 70% of our tonnage is sourced directly from farmers and farming partners, with 100% of payments made digitally in 3-5 days, substantially enhancing the farmer’s return on capital employed."
Karthik Jayaraman, Co-Founder and CEO, WayCool Foods, added, "We are committed to solving India’s food supply chain problems while making a substantial positive difference to the farmers and consumers. We aim to build a large food distribution business by leveraging cutting edge technology to create efficiencies and reduce information asymmetry in the supply chain, with high-quality phy-gital assets. As we continue scaling across product segments, geographies, and business lines, we will continue to raise funds but at the same time remain capital efficient and achieve quality, mature business at scale by carefully calibrating the stage of the business to the funding needs."
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