India: Agritech startup WayCool raises $7.8 million in latest round of funding
Chennai-based WayCool Foods, which supplies food and farming produce, has announced it has raised $7.8 million in debt from InnoVen Capital, Samunnati and RBL Bank in order to meet working capital needs and boost automation in the existing distribution centres as well as warehouses.
This follows the startup’s debt financing round, which was guaranteed by the USIDFC (United States International Development Finance Corporation) and financed by IndusInd Bank earlier this year.
“WayCool Foods plans to achieve 70% digital and mechanical automation across all distribution units by mid-2021, in turn improving process flow, efficiency, and eliminating error-prone mundane activities,” the company stated.
It must be mentioned here that the agritech startup procures and distributes fresh produce, staples and dairy products, servicing more than 16,000 clients.
Notably, the company operates a “soil-to-sale” model, engaging with thousands of farmers in more than 50 regions across India via a direct supply chain model.