B2B food and agritech platform Waycool has reported revenues of Rs 1,600 crore and is targeting operational break-even in FY24. The company recently disclosed its financial results for the fiscal year ending March 2023, revealing significant growth.
Waycool’s revenue from operations increased by 62%, reaching Rs 1,251 crore in FY23 compared to Rs 772 crore in FY22, according to its filings. The adoption of IND AS accounting standards had previously reported FY22 revenue as Rs 927 crore. The company’s revenue primarily came from the sale of goods, which surged 60% to Rs 1,228 crore in FY23.
Waycool operates as a full-stack supply chain provider, working with farmers and clients to source agricultural and dairy products. It boasts seven consumer brands, including Madhuram, KitchenJi, and AllFresh. Despite this growth, the company’s procurement costs and overall expenses increased significantly, leading to an 89% rise in losses, totaling Rs 685 crore in FY23.
While the goal of operational break-even in FY24 is ambitious, it is not unattainable given Waycool’s progress beyond the initial investment stage. However, the company has faced challenges in securing new investments and has implemented cost-cutting measures to extend its financial runway.
The future of Waycool remains uncertain as it navigates these financial hurdles. The company’s ability to rebound will determine its fate in the competitive agritech sector.
