AgriTech Supply Chain Startup WayCool Foods Raises $7.8 Million in debt Financing
Chennai based AgriTech supply chain startup WayCool Foods has raised $7.8 million in debt from Samunnati, RBL Bank, and InnoVen Capital in a new financing round. The company had earlier raised $5.5 million in debt financing from United States International Development Finance Corporation (USIDFC) and financed by IndusInd Bank and had raised $32 million in series C funding from Lightbox earlier this year.
Founded in 2015 WayCool is an AgriTech firm working towards driving social impact while transforming India's food economy. It works on staple products including rice, pulses, wheat flour, dairy, and value added products.
The firm has end-to-end control over the food value chain with its operations being spread across product sourcing, food processing, branding and marketing, last mile distribution, and farm inputs.
Speaking about the debt financing round Karthik Jayaraman, CEO, said “Samunnati and InnoVen capital have been our long-term partners in growth, and the present funding lines are a natural evolution of this partnership. We welcome RBL Bank to our platform. The innovative instruments that we are developing in partnership with RBL Bank will free the business from working capital as a growth limiter.”
WayCool utilizes robotic process automation, artificial intelligence and machine learning technologies to provide value to its suppliers and clients. The firm currently handles over 350 tonnes of food products per day, across 16,500 clients, and from a network of more than 50,000 farmers spread across 50 regions in India.
The AgriTech firm intends to utilize the fresh infusion of capital to meet working capital needs and to boost automation in the existing distribution centres & warehouses. In a press statement, the company mentioned that it is looking to achieve 70 percent digital and mechanical automation across all distribution units by mid-2021, in turn improving process flow, efficiency and eliminating error-prone mundane activities.
Speaking about the debt financing round Karthik Jayaraman, CEO, said “Samunnati and InnoVen capital have been our long-term partners in growth, and the present funding lines are a natural evolution of this partnership. We welcome RBL Bank to our platform. The innovative instruments that we are developing in partnership with RBL Bank will free the business from working capital as a growth limiter.”
WayCool utilizes robotic process automation, artificial intelligence and machine learning technologies to provide value to its suppliers and clients. The firm currently handles over 350 tonnes of food products per day, across 16,500 clients, and from a network of more than 50,000 farmers spread across 50 regions in India.
The AgriTech firm intends to utilize the fresh infusion of capital to meet working capital needs and to boost automation in the existing distribution centres & warehouses. In a press statement, the company mentioned that it is looking to achieve 70 percent digital and mechanical automation across all distribution units by mid-2021, in turn improving process flow, efficiency and eliminating error-prone mundane activities.
