Trifecta Ventures, a venture debt firm, is helping B2B food and agritech platform Waycool raises $12 million via a combination of debt and equity.
In a debt and equity transaction headed by alternative investment company 57 Stars Global Innovation Fund two months prior, Way cool raised $40 million. The Chennai-based company received its second round of funding in 2022.
According to regulatory filings with the Registrar of Companies (RoC), the board of Waycool has decided to issue 902 convertible preferred shares (CCPS) at an issue price of Rs 59,836 per share and 900 non-convertible debentures (NCDs) at an issue price of Rs 10,000 each in order to raise a total of Rs 95 crore.
The Chennai-based company has recently added 15,371 ESOP options worth Rs 92 crore to its ESOP pool. Waycool’s ESOP pool trust currently has 92,758 employee stock options and is estimated to be worth Rs 552 crore ($70 million) by Fintrackr (post expansion).
Waycool has become one of the top agritech startups for fundraising, along with companies like Ninjacart, DeHaat, Absolute, AgroStar, and Arya.ag, who are supported by Walmart and Flipkart.
Waycool Foods and Products founded by Karthik Jayaraman and Sanjay Dasari in 2015 is situated in Chennai, India, with the goal of streamlining India’s farm-to-fork supply chain in order to deliver cleaner, fresher, and better produce to customers, generate higher returns for farmers, and eliminate waste and inefficiency. Waycool seeks to accomplish this by establishing direct linkages to farmers on one side and consumers on the other, and by efficiently connecting them through a combination of physical and information technology.
WayCool Foods seems to be an interesting startup with spurring new development on food and beverage services platform. I’m certain this startup would keep on flourishing in its excursion ahead. Congratulations on your startup. May this new business bring you huge success and fulfillment.Shishir Gupta, Founder and CEO, StartupLanes
Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.
If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.
You can subscribe to our news posts by entering your email in the box on the right side of this page.
Check out our YouTube channel for insightful content from the Indian startup ecosystem.
Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.
The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.
Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.