B2B food and agritech platform WayCool has raised Rs 210 crore (about $22.7 million) through a rights issue from existing investor Lightrock India. This is the company’s first major equity funding in nearly four years.
Previously, the company raised Rs 110 crore (around $13 million) in debt from venture debt firm Grand Anicut last year, Entrackr exclusively reported.
The board at Waycool has allotted 3.92 lakh equity shares to LR India Fund I S.a.r.l., SICAV-RAIF (Lightrock) at an issue price of Rs 5,347 per share, according to its filing with the Registrar of Companies (RoC).
The current valuation of Waycool couldn’t be ascertained, However, the firm was valued at $700 million in its last equity round.
Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool operates a full-stack agritech platform that connects farmers directly with retailers, food brands, and institutional buyers. The company focuses on improving agricultural supply chains through sourcing, distribution, and food processing capabilities.
WayCool has raised around $183 million in funding to date prior to this round, from Lightrock, International Finance Corporation, FMO, and 57 Stars, among others.
In July 2024, the Chennai-based agriculture supply chain firm laid off over 200 employees across departments as it focused on achieving profitability in its third round of layoffs. This was followed by the resignation of Sanjay Dasari, co-founder of WayCool, who stepped down after nearly a decade with the Bengaluru-based company in December 2024.
Importantly, the company has not filed their annual results for the last two fiscal years. During FY23, it posted a revenue of Rs 1,251 crore with losses of 685 crore.
This funding for WayCool comes as agritech funding picks up, with recent large raises and consolidation moves. Arya.ag raised Rs 725 crore (around $80.3 million), AgroStar secured $30 million, and Unnati merged with Gramophone, reflecting the sector’s push for scale and long-term sustainability.
-Entrackr