Agri supply chain startup WayCool Foods has raised $7.8 million in debt from Samunnati, RBL Bank, and InnoVen Capital.
This follows the earlier debt financing round of $5.5 million, which was guaranteed by United States International Development Finance Corporation (USIDFC) and financed by IndusInd Bank in June2020.
Chinna Pardhasaradhi, CFO, WayCool Foods, said, “The latest debt round completes the funding requirements for the company’s Annual Business Plan. It will be used to support select new lines of growth and build related physical as well as digital assets.”
The funds will be utilised for meeting working capital needs and to boost automation in the existing distribution centres and warehouses. WayCool Foods plans to achieve 70 percent digital and mechanical automation across all distribution units by mid-2021, in turn improving process flow, efficiency, and eliminating error-prone mundane activities.
“Samunnati and InnoVen capital have been our long-term partners in growth, and the present funding lines are a natural evolution of this partnership. We welcome RBL Bank to our platform. The innovative instruments that we are developing in partnership with RBL Bank will free the business from working capital as a growth limiter,” said CEO Karthik Jayaraman.
Earlier this year, WayCool had closed Series C round of $32 million led by Lightbox. WayCool has previously raised three rounds of equity funding from Lightbox, LGT Lightstone Aspada, and FMO, and has raised debt in the past from Caspian Impact Investment and Northern Arc Capital Ltd.
First Published: IST