Waycool is an online B2C platform offering supply chain solutions for agribusiness that secured 12 million USD in its ongoing debt funding round from Grand Anicut. The funding round saw the participation of the firm’s existing investors. This marks the first major funding round for the company in the past two years. The startup plans to use these fresh proceeds to scale its operations, enhance its platform, improve its marketing efforts, and develop a market presence.
The board has approved a resolution to allot 1000 series B6 debentures at an issue price of Rs 10,00,000 each to raise Rs 100 crore. According to the company filing, the startup will use these fresh proceeds on ongoing business operations and market expansion.
The company provides supply chain solutions for agribusiness. The startup provides an online platform that offers farming solutions, distribution solutions, private label packaging, and more. The company offers products like fruits, dairy products, and vegetables. This investment shows Gran Anicut’s trust in Waycool’s market potential and business model.
The Chennai-based startup has secured $160 million across multiple funding rounds since its inception, including the $31.7 million raised during the Series D funding round from Lighrock India in 2023. The online B2C platform claims to offer high-quality agri products at an affordable price range.
The company will use some of this investment to expand its operations and strengthen its position in the agritech market. The debt has an interest of 18 percent per annum with a tenure of 18 months. Entrackr reported. The company faced challenges in raising an equity round for the past few months. The agriculture startup was valued at around 700 million USD in its last equity round.
Wayvool reported a 62 percent increase in its operational revenue to Rs 1,251 crore in FY23. However, the net loss also increased by 89 percent to Rs 685 crore in the same duration. The development came just after the Indian Agritech sector saw a decline in investor interest.
The startup data intelligence platform, the kredible mentioned that agritech remains one of the least funded sectors in 2024. The 30 startups raised around 150 million USD by September following the challenges. Waycool faces competition from other agritech startups, including FarMart, Ninjacart, and Bijak.
Conclusion :
Waycool is a provider of supply chain solutions for agritech businesses that secured $12 million in its debt funding round from Grand Anicut and others. The company offers an online B2C platform that connects farmers directly to customers. The startup intends to use this fresh capital to strengthen its business operations, enhance its platform, and expand its service to develop its market presence in India.
The company claims to have secured around 160 million USD across multiple funding rounds from FMO, Lightrock, 57 stars, and others since its inception. The debt has an interest of 18 percent per annum and a tenure of 18 months. The funding round came just when the agritech faced challenges in fundraising.
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