WayCool Foods, India's fastest growing agri-commerce company, has raised $117 million in a Series D round that saw participation from new and existing investors such as LightRock, LightBox, FMO, Lightsmith, World Bank Group’s IFC, Redwood Equity Partners and Gawa Capital.
WayCool Foods will use the fresh capital to accelerate and leverage deep tech and automation to enhance its efficiency multi-fold. “We have raised a total of $117 million as a part of our Series D as a combination of equity (80 per cent) and debt (20% per cent). We are happy to have brought on-board like minded partners who understand the nuances of this sector and are committed to not just our growth, but more importantly, our purpose," said Karthik Jayaraman, Chief Executive Officer and Co-Founder, WayCool Foods.
"The deployment of funds has begun already. Our first priority would be to deepen and widen our technology and automation, in our quest to build the most comprehensive food and Agri platform in the world," he added.
WayCool has begun building its next-gen technology centre in Bengaluru, which will have a tech platform with layers of AI and analytics. The tech centre will also have labs for robotics, IoT and automation, for designing automated distribution centres of the future. WayCool also plans to add new food categories, and strengthen its private label brands, particularly in value added food products.
"We will also deploy the funds to deepen our footprint in our target geographies, adding up to 50 more distribution points over the next 18 months. Finally, we will be investing to create a keiretsu of businesses, who bring complementary capabilities and are aligned to our purpose,” Jayaraman added.
WayCool Foods, leverages innovative technology to scale and operate a complex supply chain from soil to sale. Implementing deep tech and automation has enabled WayCool to successfully create a World Class, Sustainable Supply Chain, the company said. WayCool has a wide product range across multiple channels and categories such as fresh produce, staples, and dairy, serving over 100,000 clients in the general trade, modern trade,e-commerce, and food services space. With its network, it caters to over 500 locations in southern and western India. WayCool's private label brands basket consists of Madhuram, Shuddha, Kitchenji, L'exotique and Freshey’s, to name a few.
In 2021, WayCool increased its customer base by 4X, entered the Middle East market and is all set to strengthen its footprint in the UAE market.