Chennai-based agritech startup WayCool Foods is actively in the process of raising $40 million through a rights issue, with Lightrock as the anchor investor. The round has garnered substantial interest from various institutional investors and family offices and is nearing full subscription. The company aims to conclude this funding round in the coming weeks to fortify the momentum of its consumer brands and propel overall growth.
Lightrock, an impact investor with notable investments in companies like Dunzo, Shiprocket, Pharmeasy, and Porter, is an early supporter of WayCool, having led its $117 million Series D funding round in January last year. The rights issue is part of a broader funding round that is currently undergoing documentation and progressing at the desired pace.
Founded in 2015, WayCool initially operated as a supply chain business for agricultural products before venturing into the consumer packaged goods space in 2018. The company, led by founders Karthik Jayaraman and Sanjay Dasari, has restructured its business over the last 18 months to accelerate its path to profitability. WayCool now aims to achieve break-even in the beginning of the last quarter of FY24, leveraging the significant traction its brands, including dry groceries and fresh produce, have gained in over 850 towns in South India.
That’s incredible news! WayCool Foods, the Chennai-based agritech startup, is making significant progress with their funding. They are in the process of raising $40 million through a rights issue, with Lightrock as the anchor investor. It’s great to see the interest from various institutional investors and family offices. WayCool’s consumer brands are gaining momentum, and they are aiming to achieve break-even in the last quarter of FY24. They have really made impressive strides in the agricultural and consumer packaged goods space. Exciting times ahead for WayCool Foods!
~ Dr Shishir Gupta founder & CEO of StartupLanes
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