The company operates a soil-to-sale model, engaging deeply with a base of 50,000 farmers
Chennai based WayCool Foods, India’s largest agri supply chain startup, has raised $7.8 million in debt from Samunnati, RBL Bank, and InnoVen Capital. This follows the earlier debt financing round of $5.5 Mn which was guaranteed by the United States International Development Finance Corporation (USIDFC) and financed by IndusInd Bank. WayCool also closed the Series C round of $32 Mn led by Lightbox earlier this year.
The funds will be utilized for meeting working capital needs and to boost automation in the existing distribution centres and warehouses. WayCool Foods plans to achieve 70% digital and mechanical automation across all distribution units by mid-2021, in turn improving process flow, efficiency, and eliminating error-prone mundane activities. WayCool procures, processes, and distributes a range of food products including fresh produce, staples, and dairy products, servicing over 16,000 clients across South India.
The company operates a soil-to-sale model, engaging deeply with a base of 50,000 farmers in more than 50 regions across India, while bringing efficiency through its direct supply chain model. The Company plans to accelerate profitability and improve on its capital efficient model by continuing to invest in technology and automation across the value chain. WayCool has previously raised three rounds of equity funding from Lightbox, LGT Lightstone Aspada, and FMO, and has raised debt in the past from Caspian Impact Investment and Northern Arc Capital Ltd.
