SPONSORED CONTENT

WayCool Foods Raises USD 7.8 Mn Through Structured Debt Financing

December 10, 2020 23:30 IST
Tennis player James Blake
WayCool logo

Chennai (Tamil Nadu) / Bengaluru (Karnataka) [India], December 10 (ANI/BusinessWire India): WayCool Foods, India's largest agri supply chain startup, has raised USD 7.8 million in debt from Samunnati, RBL Bank, and InnoVen Capital.

This follows the earlier debt financing round of USD 5.5 million which was guaranteed by United States International Development Finance Corporation (USIDFC) and financed by IndusInd Bank. WayCool also closed the Series C round of USD 32 million led by Lightbox earlier this year.

The funds will be utilized for meeting working capital needs and to boost automation in the existing distribution centres and warehouses. WayCool Foods plans to achieve 70 per cent digital and mechanical automation across all distribution units by mid-2021, in turn improving process flow, efficiency, and eliminating error-prone mundane activities.

On the new debt financing, Chinna Pardhasaradhi, CFO, WayCool Foods said, "The latest debt round completes the funding requirements for the company's Annual Business Plan. It will be used to support select new lines of growth and build related physical as well as digital assets. WayCool has always believed in using a blend of funding sources in order to maximise its capital efficiency, thus delivering superior returns to investors. A number of unique lines have been leveraged in the current round. These make us one of the most capital efficient startups in the space."

"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," said CEO Karthik Jayaraman.

WayCool procures, processes, and distributes a range of food products including fresh produce, staples, and dairy products, servicing over 16,000 clients across South India. The company operates a soil-to-sale model, engaging deeply with a base of 50,000 farmers in more than 50 regions across India, while bringing efficiency through its direct supply chain model. The Company plans to accelerate profitability and improve on its capital efficient model by continuing to invest in technology and automation across the value chain.

WayCool has previously raised three rounds of equity funding from Lightbox, LGT Lightstone Aspada, and FMO, and has raised debt in the past from Caspian Impact Investment and Northern Arc Capital Ltd.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)

DISCLAIMER


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

 

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

WayCool Foods Raises USD 7.8 Mn Through Structured Debt Financing

Chennai (Tamil Nadu) / Bengaluru (Karnataka) [India], December 10 (ANI/BusinessWire India): WayCool Foods, India's largest agri supply chain startup, has raised USD 7.8 million in debt from Samunnati, RBL Bank, and InnoVen Capital.

This follows the earlier debt financing round of USD 5.5 million which was guaranteed by United States International Development Finance Corporation (USIDFC) and financed by IndusInd Bank. WayCool also closed the Series C round of USD 32 million led by Lightbox earlier this year.

The funds will be utilized for meeting working capital needs and to boost automation in the existing distribution centres and warehouses. WayCool Foods plans to achieve 70 per cent digital and mechanical automation across all distribution units by mid-2021, in turn improving process flow, efficiency, and eliminating error-prone mundane activities.

On the new debt financing, Chinna Pardhasaradhi, CFO, WayCool Foods said, "The latest debt round completes the funding requirements for the company's Annual Business Plan. It will be used to support select new lines of growth and build related physical as well as digital assets. WayCool has always believed in using a blend of funding sources in order to maximise its capital efficiency, thus delivering superior returns to investors. A number of unique lines have been leveraged in the current round. These make us one of the most capital efficient startups in the space."

"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," said CEO Karthik Jayaraman.

WayCool procures, processes, and distributes a range of food products including fresh produce, staples, and dairy products, servicing over 16,000 clients across South India. The company operates a soil-to-sale model, engaging deeply with a base of 50,000 farmers in more than 50 regions across India, while bringing efficiency through its direct supply chain model. The Company plans to accelerate profitability and improve on its capital efficient model by continuing to invest in technology and automation across the value chain.

WayCool has previously raised three rounds of equity funding from Lightbox, LGT Lightstone Aspada, and FMO, and has raised debt in the past from Caspian Impact Investment and Northern Arc Capital Ltd.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)

DISCLAIMER


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22