Agri-tech start-up WayCool raises Rs 120 cr from LGT Impact, others

New Delhi: Agri-tech start-up WayCool on Tuesday said it has raised Rs 120 crore from LGT Impact, prominent angel investors and institutional lenders, including Northern Arc Capital and Caspian. The amount has been raised in a combination of equity and debt, it added. [caption id=“attachment_3049362” align=“alignleft” width=“380”] Representational image Thinkstock.[/caption] WayCool, founded in July 2015 by Karthik Jayaraman and Sanjay Dasari, is a food distribution platform leveraging innovative technology to scale up and operate a complex supply chain. It operates a full-stack, broadline product range across multiple channels and categories such as fresh produce, staples and dairy serving over 4,000 clients. The Chennai-based start-up intends to use the funds to further scale up operations across southern and western India, bolster its technology platform and reinforce its supply chain by building or acquiring assets and capabilities in sourcing, value-added products, and automation of distribution lines, the statement said. “Along with rapid growth, we have always been committed to profitability, and almost all of our business lines are operationally profitable. We had committed to open and operate three locations after our last institutional fund raise – we are currently operating in 13 locations,” said Dasari. Over 70 percent of our tonnage is sourced directly from farmers and farming partners, with full payments made digitally in three to five days, he added.     To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day. To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.