B2B food and agritech platform WayCool has raised ₹210 crore (around $22.7 million) through a rights issue from existing investor Lightrock India, marking the company’s first major equity funding in nearly four years.
According to filings with the Registrar of Companies (RoC), WayCool’s board allotted 3.92 lakh equity shares to LR India Fund I S.a.r.l., SICAV-RAIF, an investment vehicle of Lightrock, at an issue price of ₹5,347 per share.
Funding and Valuation
The company’s current valuation has not been disclosed, though WayCool was valued at around $700 million in its last equity round.
Prior to this equity raise, WayCool secured ₹110 crore (about $13 million) in venture debt last year from Grand Anicut Capital.
Overall, the startup has raised about $183 million in funding before this round from investors including:
- International Finance Corporation
- FMO
- 57 Stars
Business Model
Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool runs a full-stack agritech platform that connects farmers directly with retailers, food brands, and institutional buyers.
The company aims to streamline agricultural supply chains through sourcing, distribution, and food processing capabilities, improving efficiency and market access for farmers.
Operational Challenges
In July 2024, WayCool laid off over 200 employees as part of cost cutting efforts aimed at achieving profitability. This marked the third round of layoffs at the company.
Later, in December 2024, co-founder Sanjay Dasari stepped down after nearly a decade with the firm.
The company has not filed its annual financial results for the last two fiscal years. For FY23, WayCool reported revenue of ₹1,251 crore while posting a loss of ₹685 crore.
Agritech Funding Rebounds
WayCool’s fundraise comes amid renewed momentum in India’s agritech sector. Recently:
- Arya.ag raised ₹725 crore (~$80.3 million)
- AgroStar secured $30 million
- Unnati merged with Gramophone
These moves highlight increasing consolidation and scale-building as agritech startups pursue sustainable and profitable business models.
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