WayCool Secures Rs 210 Crore in Latest Funding Round

WayCool, a B2B food and agritech platform, has successfully raised Rs 210 crore (approximately $22.7 million) through a rights issue involving existing investor Lightrock India. This represents the company’s first significant equity funding in close to four years.

Previous Funding and Current Valuation

Previously, WayCool acquired Rs 110 crore (around $13 million) via debt from venture debt firm Grand Anicut last year, as reported exclusively by Startup Superb. The WayCool board has allocated 3.92 lakh equity shares to LR India Fund I S.a.r.l., SICAV-RAIF (Lightrock) at an issue price of Rs 5,347 per share, according to its filing with the Registrar of Companies (RoC). Although the current valuation of WayCool is not publicly confirmed, it was valued at $700 million in its last equity round.

About WayCool

Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool operates a comprehensive agritech platform that establishes direct connections between farmers, retailers, food brands, and institutional buyers. The company aims to enhance agricultural supply chains by improving sourcing, distribution, and food processing capabilities.

Funding History

To date, WayCool has raised approximately $183 million in funding prior to this new round, from notable investors including Lightrock, the International Finance Corporation, FMO, and 57 Stars, among others. In July 2024, the Chennai-based agriculture supply chain firm experienced a significant operational shift, laying off over 200 employees across various departments as part of its commitment to achieving profitability. This was the third round of layoffs for the company. Following these changes, Sanjay Dasari, co-founder of WayCool, resigned in December 2024 after nearly ten years with the Bengaluru-based organisation.

Financial Performance

It is important to note that the company has not filed its annual results for the past two fiscal years. During FY23, WayCool reported a revenue of Rs 1,251 crore, coupled with losses of Rs 685 crore.

Agritech Sector Trends

This latest funding round for WayCool aligns with a broader trend in agritech funding, which is gaining momentum. Recent significant raises and consolidation initiatives in the sector include Arya.ag, which raised Rs 725 crore (around $80.3 million), AgroStar securing $30 million, and Unnati merging with Gramophone, highlighting the industry’s drive for scale and long-term viability.

For further insights into the agritech landscape, explore the Startup Superb report titled “India’s Agritech at Inflection Point: Funding Revival, Profitable Models, and Consolidation.”