The Chennai-based food and agrotech company, Waycool, has raised INR 100 Cr (US$11.9 million approx.) in debt financing from Grand Anicut. As per media reports, this funding marks the first major funding for the company in the past two years. The company plans to use the funds for ongoing business operations like buying fresh produce, managing deliveries and selling products to retailers and restaurants.
The board at 1,000 Series B6 debentures at an issue price of Rs 10 lakh each to raise Rs 100 crore. The debt carries an 18% annual interest rate and has a tenure of 18 months.
In a move to enhance profitability by July this year, Waycool recently laid off 200 employees across various departments. The company reported a 62% growth in operating revenue, reaching Rs 1,251 crore in FY23, while its losses surged by 89% to Rs 685 crore during the same period. It has yet to file an annual report for FY24.
Waycool claims to be “the only full-stack tech-led supply chain player in India,” focusing on food cultivation, processing and distribution, leveraging innovative technology to scale and operate a complex supply chain from fork to farm. It claims to “have merged the physical and digital worlds for a “phy-gital” business model connecting farmers, processors, distributors and the retailers, while boosting profitability for every stakeholder.” Its products include fresh fruits and vegetables, staples, nuts and spices, dairy, and value-added products.
