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WayCool Foods gets $13 million as part of largest agri-tech funding in India

Chennai-based WayCool Foods and Products Pvt. has raised $13 million in the second tranche of a Series D round. "The main uses of the funds will be towards technology enhancements in full-stack, end-to-end supply chain and customer-based analytics," a source said. "Going forward, the technology platform will be the backbone to the company's future growth plans as well."

Details on WayCool Foods' latest valuation remain undisclosed. Last year, its Series C round was led by venture capital firm Lightbox and saw participation of Dutch development bank FMO and existing investor LGT Lightstone Aspada. The company partnered with InnoVen Capital to raise venture debt in that round.

Founded in July 2015 by ICarthikJayaraman and Sanjay Dasari, the WyaCool works with 1,500 small farmers across South India, buying around 320 varieties of fresh produce as well as staples, dairy and other produce. It also works directly with around 35 non-governmental cooperatives with access to a tentative base of 35,000 farmers.

Source: economictimes.indiatimes.com


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