Agritech Startup WayCool Foods Raises $13 Million In Funding
WayCool Foods, a Chennai-based agritech startup, has raised $13 million in the second tranche of a Series D round, making this the second funding round raised by the startup this year.
This funding round would be the largest for the agritech space in India upon completion, reported ET, citing a source.
As reported by ET, the startup plans to use the funds towards technology enhancements in full-stack, end-to-end supply chain, and customer-based analytics.
WayCool Foods | Building India’s Largest Agri-commerce Platform
Founded by Karthik Jayaraman and Sanjay Dasari in July 2015, WayCool Foods has been set up with the vision of organizing India’s farm-to-fork supply chain, to deliver cleaner, fresher and better produce to consumers, generate higher returns to farmers, and reduce wastage and inefficiency.
The Chennai-based agritech startup works with 1,500 small farmers across South India, buying around 320 varieties of fresh produce, as well as staples, dairy and other produce.
The source said,
“This year, we have seen a clear increase in growth. The pandemic has been a real test of our resilience, and we have proved our mettle. We have already reached a monthly revenue run rate of Rs 1,000 crore and are confident of achieving our plans. As soon as we get a clear answer from the new investors, we will reveal our future growth plans.”
Competing with the likes of NinjaCart, Udaan, Vegrow, among several others, the Chennai-based agritech startup is projected to reach Rs 393 crore for the whole fiscal, as per Entrackr. WayCool also works directly with around 35 non-governmental cooperatives with access to a tentative base of 35,000 farmers.
Additionally, the Chennai-based agritech startup has expanded its footprint in the Middle East and is also looking to strengthen its position there.
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