Agri-tech start-up WayCool on Tuesday said it has raised Rs 120 crore from LGT Impact, prominent angel investors and institutional lenders, including Northern Arc Capital and Caspian. The amount has been raised in combination of equity and debt, it added.
WayCool, founded in July 2015 by Karthik Jayaraman and Sanjay Dasari, is a food distribution platform leveraging innovative technology to scale up and operate a complex supply chain. It operates a full-stack, broadline product range across multiple channels and categories such as fresh produce, staples and dairy serving over 4,000 clients.
The Chennai-based start-up intends to use the funds to further scale up operations across southern and western India, bolster its technology platform and reinforce its supply chain by building or acquiring assets and capabilities in sourcing, value-added products, and automation of distribution lines, the statement said.
“Along with rapid growth, we have always been committed to profitability, and almost all of our business lines are operationally profitable. We had committed to open and operate three locations after our last institutional fund raise — we are currently operating in 13 locations,” said Dasari. Over 70 per cent of our tonnage is sourced directly from farmers and farming partners, with full payments made digitally in three to five days, he added.
Source;BL
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