Waycool is a food and agritech startup that reported a 62 percent increase in its operational revenue to Rs 1,251 crore in FY23. The startup focuses on food distribution and development by acquiring fruits and vegetables from farmers and product-specific agriculture companies. These food sales are the major source of revenue for the company. The startup offers full-stack food supply chain services using advanced technologies.
Entrackr mentioned in its report that the firm also earns its income through its 7 consumer brands including Kitchenji, Madhuram, Allfresh, Dezifresh, and more. The operating revenue for this financial year crossed 60% from which the sales of its goods account for 98 percent of total operating revenue in FY23. The 10 percent is from the finished goods while the rest came from traded goods. The startup data platform, Traxcn mentioned that the company has secured a total funding of $341 million across 22 rounds including the $31.7 million raised in 2023 during its series D funding round. The startup provides a tech-powered supply chain for the agriculture business. The Kredible reported that the income from commissions and cold storage management increased the revenue. The company also added around Rs 11 crore from interest on fixed deposits, making the overall income stand out at Rs 1,262 crore in FY23.
Waycool offers a B2C platform and software with donors, clients, and volunteer management. This online platform provides fresh fruits, vegetables, spices, dairy, nuts, and value-added products. The application connects farmers with distributors and retailers while boosting profitability for every stakeholder. The cost of procurement of materials and other expenses took up to 58.2 percent which is Rs 1,200 crore of the total expenses. However, 71.3 percent of the total expenditure went to employee benefits, advertising, transportation, and other expenses to Rs 1,951 crore in FY22. The startup reported an 89 percent increase in its losses to Rs 685 crore for FY23.
The agritech startup focuses on improving its inventory-led model while offering more innovative solutions and expanding in the market. The company plans to reduce its losses by minimizing operating expenses and employee benefits. The EBITDA margin also declined and stood at -199.66 percent. The startup aims to revolutionize the food supply chain by changing the ecosystem from supply-led to demand-driven.
Conclusion:
Waycool is an agritech startup that announced a 62 percent increase in operational revenue to Rs 1,251 crore in FY23. This agri-tech startup offers food supply chain services and connects farmers to retailers. The startup had an 89 percent increase in its losses to Rs 685 crore in FY23. The total expenditure of the firm increased by 58.2 percent and crossed Rs 1,200 crore in the same duration. The company plans to reduce its expenses on employee benefits to decrease its losses. The startup provides a distribution network and fresh fruits, vegetables, and dairy products. The company plans to change the food supply chain ecosystem by connecting users with distributors and offering profitability to its stakeholders.
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