Lightbox leads USD 32 mn investment in WayCool Foods
The city-based WayCool Foods has raised $32 mn (about Rs 227 cr) in a combination of equity and debt in its Series C round, the company said. The round was led by Lightbox and saw participation of FMO, the Dutch entrepreneurial development bank, as well as its current investor LGT Lightstone Aspada. It has also partnered with InnoVen Capital to raise venture debt as part of this round.
By : migrator
Update: 2020-02-09 02:58 GMT
Chennai
WayCool Foods procures, processes and distributes a wide range of food products including fresh produce, staples and dairy products, moving over 250 tonnes of food daily to 8,000 enterprise clients across south. 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.
The company plans to use the funds to automate its supply chain and build the next layer of data analytics required to strengthen supply chain efficiency. It will also develop and expand its range of value-added products to enterprise and retail customers.
Karthik Jayaraman, Co-Founder-CEO, WayCool said, “We are committed to building a lean, efficient and profitable enterprise that makes social impact an integral part of its operations. 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.”
WayCool is developing a range of branded products and currently has brands such as Freshey’s, Kitchenji, Madhuram and Shuddha. “Given our direct relationships throughout the supply chain, it gives us the ability to better project demand and supply for products across various categories such as fruits, vegetables, dairy, staples,” he said.
WayCool will also deploy its funds to deepen and widen ‘Outgrow’, its agricultural extension programne.It has recently announced the set-up of its first agricultural research station, to collaborate with multiple start-ups.
Linda Broekhuizen, CIO, FMO, said “The company is highly impactful on the social side as it sources its produce from over 35,000 smallholder farmers that benefit from higher prices and improved yields. Also, it provides employment to over 900 people. This is FMO’s first agri tech deal under the new Ventures Program, which focusses on fintech, off-grid energy, and agri tech.”
WayCool has previously raised two rounds of funding from Aspada, LGT Impact Ventures, Caspian Impact Investment, and Northern Arc Capital Ltd.
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