WayCool has raised about $70.6 million from buyers like Lightbox, LGT Lightstone and others in a bid to drive to digital and mechanical automation throughout all its distribution models.
Chennai-based agri-tech startup WayCool Foods and Products has raised $7.8 million in debt funding from Samunnati, RBL Bank and InnoVen Capital. The firm will use this funding to fulfill its working capital wants and to spice up automation in the present distribution centres and warehouses. WayCool Foods plans to attain 70 % digital and mechanical automation throughout all distribution models by mid-2021, in flip bettering course of circulation, effectivity, and eliminating error-susceptible mundane actions.
This follows the corporate’s debt financing spherical of $5.5 million which was assured by United States International Development Finance Corporation (USIDFC) and financed by IndusInd Bank earlier this yr. WayCool additionally closed a Series C fairness funding spherical of $32 million led by Lightbox earlier this yr.
In a press assertion shared by WayCool, Karthik Jayaraman, CEO, mentioned “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 was based in 2015 by Karthik Jayaraman and Sanjay Dasari. It distributes farm-sourced fruits, greens, dairy and different merchandise to native outlets and fashionable stores. WayCool procures, processes and distributes contemporary produce, staples and dairy merchandise, servicing over 16,000 shoppers throughout South India. The firm operates a “soil-to-sale” mannequin, partaking with round 50,000 farmers in greater than 50 areas throughout India by means of a direct supply chain mannequin.
WayCool counts Lightbox, LGT Lightstone Aspada, and FMO amongst its buyers and has raised debt in the previous from Caspian Impact Investment and Northern Arc Capital. The firm plans to speed up profitability and enhance its capital-environment friendly mannequin by persevering with to speculate in know-how and automation throughout the worth chain.
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