Lightbox leads $32 mln series for Waycool Foods

WayCool is a technology-driven fresh produce distribution platform from Chennai, India. It has raised $32 million in a combination of equity and debt through a Series B led by Lightbox, and including Dutch development bank FMO, and existing investor LGT Lightstone Aspada.

As part of the round, WayCool has also partnered with InnoVen Capital to raise venture debt.

Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool focuses on food development and distribution, leveraging innovative technology to achieve scale and to manage  a complex supply chain.

The company sources fresh fruits and vegetables, staples, value-added products, and dairy products from smallholders and aggregators, or from produce-specific value chain companies to sell through various distribution channels, including retail shops and outlets, hotels, restaurants, and catering operations.

The start-up’s business model and the direct relationships it has built throughout the supply chain give the start-up a unique ability to determine supply and demand for a variety of foods, and have allowed the company to develop a range of branded food products under the names, Freshey’s, Kitchenji, Madhuram and Shuddha.


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