The agrotech sector is booming, but popular startup WayCool recently laid off more than 200 employees in its third round of layoffs. According to the company, these layoffs were part of efforts to simplify and automate roles and structures. WayCool, known for its focus on branded farm products and agriculture supply chains, stated that the layoffs were also aimed at increasing profitability.
The Chennai-based startup confirmed the exit of B P Ravindran, who headed FMCG’s subsidiary BrandsNext, which houses brands such as Madhuram, Kitchenji, and Freshey’s. The company indicated that BrandsNext will now focus on the packaged food segment, which accounts for 45% of its revenue.
According to reports, WayCool conducted two previous rounds of layoffs, one in February this year and another in July 2024. Additionally, the company is in talks to raise $40 million in an internal round of investment led by Lightrock. WayCool has already secured 45% of the capital from a bridge round. To date, the company has raised $341 million. This move is expected to significantly impact the company’s long-term growth.
