Chennai based agtech startup WayCool has raised about $17 Mn in equity and debt from LGT Impact, prominent angels, and institutional lenders, including Northern Arc Capital and Caspian.
Bengaluru, 15 Jan, 2019. RedNewswire/-
WayCool was founded in July 2015 by Karthik Jayaraman and Sanjay Dasari. It is India’s fastest growing food distribution platform leveraging innovative technology to scale-up and operate a complex supply chain.
The company operates a full-stack, broadline product range across multiple channels and categories like fresh produce, staples and dairy serving over 4,000 clients.
The start-up intends to use the funds to further scale up operations across southern and western India, bolster its technology platform and reinforce its supply chain by building or acquiring assets and capabilities in sourcing, value-added products, and automation of distribution lines, the statement said.
WayCool co-founder Sanjay Dasari 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 3 locations after our last institutional fund raise – we are currently operating in 13 locations.”
Karthik Jayaraman, Co-Founder and CEO of 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 a quality, mature business at scale by carefully calibrating the stage of the business to the funding needs.”
WayCool had last raised $2.7 Mn from Aspada in 2017. “The company has scaled 20x since the last round of funding with judicious use of capital,” said Aspada managing partner Kartik Srivatsa.