Aspada Investment Company has invested $2.7 million in Chennai-based fresh produce value chain, Waycool Foods and Products Private Limited.
Waycool, which operates predominantly in Tamil Nadu via a distribution hub in Chennai, will use the capital to expand to Bangalore and Hyderabad as well as to enhance its technology infrastructure, it said in a statement.
Karthik Jayaraman, Co-Founder and CEO of Waycool, said,
“India is the second-largest producer of fruits and vegetables in the world, and presents a significant opportunity for private players to profitably organise perishable produce value chains. Our partnership with Aspada will allow us to leverage not only their cumulative expertise in India’s horticulture value chains, but also their sizeable portfolio of fresh produce companies.”
Aspada has a list of portfolios on fresh produce value chain companies focused on specific fruits and vegetables, such as LEAF (carrots and other exotic vegetables), InI Farms (pomegranates, bananas, and pineapples), AllFresh (apples and citrus fruits), and SV Agri (potatoes),
Kushal Agrawal, Chief Financial Officer, Aspada, said.
source: yourstory.com, vccircle.com
