WayCool Foods, an India-based agri-tech start-up with a presence in food manufacturing, has raised US$32m from a group of investors.
The Series C round was a combination of equity and debt. Venture capital fund Lightbox led the funding with participation from Dutch development bank FMO and WayCool’s existing investor, impact fund LGT Lightstone Aspada. The company also partnered with InnoVen Capital to raise what it called “venture debt”, included in the round.
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WayCool, located in the city of Chennai in Tamil Nadu, said it will use the funds to “build the next layer of data analytics required to strengthen supply-chain efficiency”, according to a statement, which added: “It [WayCool] will also develop and expand its range of value-added products to enterprise and retail customers.”
Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool sources, processes and distributes food products across southern India such as fresh produce and dairy products.
A spokesperson for the company told just-food that the business “engages in a large range of value-added products” sold to 8,000 customers in the retail and foodservice channels, including cut fruits and vegetables, ginger and garlic pastes, and Idli Dosa batter.
The statement added: “The company operates a soil-to-sale model, engaging deeply with a base of nearly 40,000 farmers to improve farm income, while bringing efficiency through its direct supply-chain model.”
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By GlobalDataJayaraman, who is the company’s chief executive, said: “Lightbox’s deep experience in technology and brand building will greatly help us as we strengthen our digital backbone, and our move into value-added products. FMO’s guidance will be of essence in building a culture of impact orientation across the organisation and staying true to the course”.
WayCool said it had already taken part in two previous financing rounds provided by Aspada, LGT Impact Ventures, Caspian Impact Investment, and Northern Arc Capital.
