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WayCool to invest in SV Agri for quality & supply of potato seed
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Monday, 26 July, 2021, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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WayCool Foods, India's fastest growing Agri-commerce company, announced that they will be investing $5 million into Siddhi Vinayak Agri Processing Pvt. Ltd (SV Agri), one of India's largest fully integrated players in the potato supply chain ecosystem.
The investment will allow both companies to leverage their strong supply chain eco-systems and boost the quality and supply of potato seed, storage and processing across India.
India’s domestic demand for potatoes has slowly increased over the last few decades. India’s daily consumption of potatoes stands at 1.25 lakh tonnes per day and is growing at a steady pace making it the 4th largest food crop grown in the country. Owing to the association with world-renowned Dutch cooperative, Agrico, the company boasts of providing Indian farmers with some of the best-in-class potato seeds.
With the investment, the company will look to introduce a wide variety of seed potato and further expand their existing storage solutions while also gaining access to the brand’s strong network in South India and international markets.
Leveraging both supply chains will enable the companies to increase the production of high quality potatoes for Indian consumption as well as meet global demands. The company plans to introduce a new low glycemic variant of potatoes called ‘Carisma’.
The new variant scores 58 points on the glycemic index as opposed to the available potato variant that scores 80 points. ‘Carisma’ has been very well received in health-conscious markets abroad and is soon to make an entry into the Indian market.
Hemant Gaur, co-founder of SV Agri Processing, said, “We have partnered with one of the best companies in the industry to deliver efficiencies. We are excited to be collaborating with an established Agri- supply chain player - WayCool. Over the years we have seen WayCool’s technology and automation knowledge grow leaps and bounds making them the largest Agri-commerce players in the country. We see a great demand for high quality potatoes in southern India and see an opportunity to leverage our expertise to quell the demand with the help of our collaboration with WayCool. We can also see a fruitful partnership for our cold storage and engineering solutions as WayCool is renowned to push boundaries when it comes to innovative and customized solutions to adapt their supply chain as per Indian requirements.”
Implementing innovative Indigenous firsts in automation and technology has enabled the brand, to successfully create and establish a World Class Tech-Enabled Alternative Supply Chain.
Karthik Jayaraman, chief executive officer and co-founder, WayCool Foods and Products Pvt Ltd, said, “We are making a ‘Keiretsu’ in agricommerce. This investment is another step towards that. At WayCool, we look to invest in like-minded companies that bring in diverse expertise and create mutual synergies. SV Agri has expertise ranging from providing high quality seeds for farmers with advisory services, best in class storage solutions, nationwide delivery network, top of the line engineering solutions and capability to manufacture a wide range of processing equipment. At WayCool we have been leveraging advanced deep tech to strengthen our ecosystem as well and see an ideal fit in SV Agri where we can leverage each other’s skill sets to enhance our offering, reach as well as deliver comprehensive offerings to our customers.”
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