ⓘ A file-photo of WayCool co-founder, Sanjay Dasari; Credits: Entrepreneur.com
Chennai, Tamil Nadu-based agritech startup WayCool today raised $32 million in a Series C round led by LightBox Ventures with participation from existing investors Dutch development bank FMO and LGT Lightstone. The company has also secured venture debt from Innoven Capital as part of the round.
As per a statement, the company is aiming to utilise the funds to automate its supply chain, gain more workforce, and expand its inventory of branded product.
According to Crunchbase, WayCool last raised $5.2 million from in November 2019 from FMO, and in January 2019, the company raised INR 120 crore from LGT Impact Ventures.
Commenting over the investment round, Linda Broekhuizen, chief investment officer at FMO said…
“The company is also highly impactful on the social side, as it sources its produce from over 35,000 smallholder farmers that benefit from higher prices and improved yields. In addition to this, it provides employment to over 900 people,”TechInAsia
The company was founded in 2015 by Karthik Jayaraman and Sanjay Dasari. WayCool connects farmers and food producers with restaurants and hotels, leverages artificial intelligence and machine learning to reduce food wastage and save production costs.
As reported by Entrackr, WayCool claims to have delivered 200 tons of food products to a network of over 8,000 clients from a base of 35,000 farmers. The company has also started a B2C venture under the name SunnyBee which is a chain of stores in Chennai to sell fresh produce directly to the consumers.