Waycool Foods & Products Pvt. Ltd, based in Chennai, which operates an omni-channel fresh-produce distributor, has raised Rs 1.2 billion ($16 million) in debt and equity from investors led by Zurich-headquartered LGT Impact. Others participants in the round are institutional lenders Northern Arc Capital and Caspian.
Waycool is planning to use the funds mainly to grow operations in southern and western parts of the country. A part of the funding will be used to acquire assets and automate distribution lines.
“As we continue scaling up across product segments, geographies, and business lines, we will continue to raise funds but at the same time remain capital-efficient and achieve a quality, mature business at scale by carefully calibrating the stage of the business with the funding needs,” said Waycool chief executive Karthik Jayaraman.
According to vccircle.com¸ the fundraising announcement comes a few months after VCCircle reported that the company was in advanced talks to raise a bridge round of funding from social-impact investment firm Aspada Investment Advisors, which already owns roughly 26% in the firm.
