Chennai-based agritech supply chain startup Waycool has successfully raised ₹100 crore (approximately $12 million) in debt financing from Grand Anicut, according to recent filings with the Registrar of Companies.
The company’s board has authorized a capital infusion via 1,000 Series B6 debentures, priced at ₹10 lakh each, to accumulate the funds. This debt is associated with a competitive interest rate of 18% per annum and has a repayment period of 18 months. Waycool intends to utilize this capital primarily for sustaining its current operations and expanding its core activities within the agricultural supply chain.
Founded by Karthik Jayaraman and Sanjay Dasari, Waycool specializes in sourcing fresh produce, including dairy products, directly from farmers to supply retailers and restaurants. In addition, the startup has developed private label brands and offers supply chain solutions for fast-moving consumer goods (FMCG) companies. To date, Waycool has attracted around $160 million in funding from notable investors, including Lightrock, the International Finance Corporation, FMO, and 57 Stars.
Previously, Waycool was engaged in talks to secure an additional $50 million, which could have elevated its valuation to between $900 million and $1 billion. However, those negotiations did not come to fruition, leaving the company’s valuation at $700 million based on the latest equity round.
In July, Waycool implemented cost-control measures that included laying off 200 employees across various departments and locations, including Chennai, Bengaluru, and Hyderabad, as well as its subsidiaries, CensaNext and BrandNext. The startup is actively pursuing profitability, with a target date set for July 2023. Despite facing these hurdles, Waycool reported a significant 62% increase in operating revenue for FY23, reaching ₹1,251 crore, although its losses also surged by 89%, amounting to ₹685 crore during the same timeframe.