WayCool food raises USD 32 million. Agri-tech start-ups are picking heat and gaining investors’ attention in India.
Investment
WayCool foods, Chennai based Agritech startup, has succeeded in raising USD 32 million in the combination of debt and equity. As a result, it has managed to raise venture debt as part of series C round by partnering with InnoVen Capital. Further, FMO, the Dutch entrepreneurial development bank, and LGT Lightstone Aspada participated in the round.
WayCool
This Agri-tech startup work on improving the food supply chain with around 40,000 farmers across the country. It procures, processes and distributes a variety of fresh food products to 8,000 enterprise clients across South India. Also, moving over 250 tonnes of food daily, it operates on the ‘soil to sale’ model to bring efficiency in the supply chain and increase farmers’ income. Besides, it sources food products from smallholders and sells it through retail outlets, hotels and restaurants.
Karthik Jayaraman, CEO stated that they will use funds to develop data analytics to strengthen the supply chain. Further, he said that Lightbox’s experience in technology and brand building will help to bolster their digital backbone. Besides, the company is expanding value-added products and has some brands like Freshley’s and Kitchenji. WayCool deals in food products including fresh vegetables, fruits, staples and dairy products.
Aims to Reduce Food Wastage Using Technology
Prashant Mehta, partner at Lightbox stated that the company found the achievement thrilling. Also, he said that they are happy to work on to generate long term sustainable business. Further, Linda Broekhuizen, chief investment officer, FMO stated that the use of technology will optimize the supply chain, reducing food wastage. Besides, the company provides around 900 job opportunities along with working with 40,000 farmers, which is commendable. This was FMO’s first Agri tech deal under venture capital. The company aims to become the largest food logistics and distribution company in India.
In all, the farm to fork trend is on a rise in India and luring investors towards agri-tech start-ups.