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WayCool Foods raises $117mn in Series D round of funding
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Saturday, 15 January, 2022, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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WayCool Foods, India's fastest growing Agri-commerce company, has raised $117 million in their Series D round which saw participation from new and existing investors such as - LightRock, LightBox, FMO, Lightsmith, World Bank Group’s- IFC, Redwood Equity Partners and Gawa Capital.
The company will use the fresh capital to accelerate and leverage deep tech and automation to enhance its efficiency multi-fold.
Karthik Jayaraman, chief executive officer and co-founder, WayCool Foods, said, “We have raised a total of $117mn as a part of our Series D as a combination of Equity (80%) and Debt (20%). 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. 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."
"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,” added Jayaraman.
The company has begun building its next-gen technology center in Bengaluru, which will build out the tech platform and add layers of AI and analytics. The tech centre will also incorporate labs for robotics, IoT and automation, which will design the automated distribution centers of the future. It also plans to add new food categories into its platform, and strengthen its private label brands, particularly in value added food products.
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