India’s leading venture debt firm, Stride Ventures, has announced INR 50 Crore debt funding round in WayCool, a food and agritech platform.
The Chennai-based WayCool was founded in 2015 by Karthik Jayaraman and Sanjay Dasari, It is an agri-commerce company that aims to build a food development and distribution service to deliver products such as fresh produce, staples and dairy to consumers.
The company claims to have worked with over 150,000 farmers and operates a product range across multiple channels, serving over 100,000 customers.
With a wide network of farmers and customers and a well-built technical suite, it is efficiently handling and handling 1500 tonnes of food every day.
Chinna Pardhasardhi, Chief Finance Officer, WayCool, said, “Since the beginning, we at WayCool have been taking several tech-driven initiatives to innovate and bolster the Indian food economy. We welcome Stride Ventures to the Waycool family joining us in our journey to build one of largest Food and Agri tech platforms.”
WayCool is also bringing about a fundamental change in the food value chain, changing it from a supply-based to a demand-driven supply chain, thus reducing food waste and inefficiencies.
“WayCool aims to build the world’s largest food development and distribution services company and positively impact the lives of 150,000 farmers. The company is supported by best in class investors and a remarkable team who are building the future of the Indian food economy. We are excited to be part of their journey and we strongly believe they will continue to grow and disrupt the agriculture industry in India”, said, Apoorva Sharma, Partner at Stride Ventures.
Through this round, Stride Ventures continues to expand its portfolio into new-age start-ups, creating innovative debt structures that meet the needs of founders.
Recently, WayCool had raised $40 million in mix of equity and debt funding round from new and exciting investors.
WayCool Foods is India’s largest and fastest-growing agri-commerce company. Focusing on food development and distribution, the company leverages innovative technology to scale and operate a complex supply chain from soil to sale. Through its farmer engagement program – Outgrow, WayCool works with 85000+ farmers.
WayCool operates a full stack, broadline product range across multiple channels and categories such as fresh produce, staples, and dairy, serving over 1,00,000 clients in the general trade, modern trade, and food services space.
WayCool’s consumer brands basket consists of Madhuram, KitchenJi, L’exotique, and Freshey’s, to name a few.