SUMMARY
- Waycool secures ₹100 crore debt funding from Grand Anicut.
- The business focuses on sourcing fresh dairy from farmers and distributing it to stores and eateries.
- Despite 62% revenue growth in FY23, losses surged 89%, with the company valued at $700 million.
Agritech startup Waycool has secured $100 crore ($12 million) in debt funding from Grand Anicut. With an 18-month repayment period, the debt has an annual coupon rate of 18%. As per the documents, the company intends to utilize the funds for its continuous business activities.
According to its regulatory filing obtained from the Registrar of Companies (RoC), the board issued 1,000 Series B6 debentures at an issue price of ₹10,00,000 apiece to raise ₹100 crore ($12 million).
Karthik Jayaraman and Sanjay Dasari-led Chennai-based Agri-tech firm, Waycool purchases fresh dairy products from farmers and sells them to grocery stores and eateries. Fast-moving consumer goods, or FMCG, firms entrust it with their distribution and private label brands.
The business has raised around $160 million in capital from a variety of sources, including Lightrock, International Finance Corporation, FMO, and 57 Stars. Additionally, it was pursuing negotiations for over $50 million, which might have increased its valuation to between $900 million and $1 billion. In its most recent stock round, the company was valued at $700 million.
In FY23, Waycool’s operating revenue increased by 62% to ₹1,251 crore, but its losses increased by 89% to ₹685 crore at the same time. It has not yet submitted its FY24 annual report.
