WayCool has raised about Rs 210 crore in a fresh funding round through a rights issue led by existing investor Lightrock. The development marks the company’s first major equity funding round in nearly four years.
The investment amounts to roughly 22.7 million US dollars and has been made primarily by Lightrock India. The funding comes at a time when agritech companies in India are focusing on improving operational efficiency and strengthening supply chain capabilities.
According to regulatory filings submitted to the Registrar of Companies, the company’s board approved the allotment of equity shares on March 6 as part of the rights issue.
Through this transaction, 3.92 lakh equity shares were issued to LR India Fund I S.a.r.l., SICAV-RAIF at a price of Rs 5,347 per share.
Business Model
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 operations. Its model aims to reduce inefficiencies between farm production and end-market distribution.
WayCool works with more than 85,000 farmers through its engagement platform known as Outgrow. The platform helps farmers with procurement support, market access and supply chain coordination.
Alongside its supply chain operations, the company also markets several consumer food brands that offer fresh produce and staple food products.
Brand Portfolio
WayCool sells a variety of agricultural and food products under multiple consumer brands. These include Madhuram, KitchenJi, L’exotique and Freshey’s.
Through these brands, the company supplies fresh produce, staples and dairy products to retailers and institutional buyers. The products are distributed through a network that connects farmers directly with urban consumption markets.
The startup’s approach combines farm-level sourcing with downstream food distribution and processing. This integrated structure aims to improve efficiency across the agricultural value chain.
In recent years, agritech platforms have gained attention in India for their potential to improve farm incomes while streamlining food supply chains.
Operational Changes
Prior to the latest round, WayCool had raised around 183 million US dollars from investors including International Finance Corporation, FMO and 57 Stars, in addition to Lightrock.
The company also secured venture debt funding in the past year, including Rs 110 crore from Grand Anicut Fund. Earlier, it raised Rs 38.2 crore in a round led by Trifecta Capital with participation from Alteria Capital and Stride Ventures.
Like several technology-driven startups, WayCool has also undertaken restructuring measures in recent years. In July 2024, the company laid off more than 200 employees as part of efforts to move towards profitability and streamline operations.
Leadership changes followed these adjustments. Sanjay Dasari stepped down from the company in December 2024, while Alex Augustine, who served as chief people officer and head of distribution, also resigned earlier.
The fresh capital raised through the rights issue is expected to support WayCool’s operations as it continues to focus on strengthening its agritech platform and improving the efficiency of food supply chains connecting farmers and markets.
