With this investment, WayCool will be using AllFresh’s Apple and Orange farmers’ pool working in Himachal Pradesh, Punjab and other states
The development comes a few months after WayCool secured $40 Mn in a strategic funding round led by 57 Stars
In 2019, Agrochemical company UPL bought 26.75% shares at INR 9.24 Cr in AllFresh Supply Management for in an all-cash deal
Agritech startup WayCool has invested in supply chain management startup AllFresh. The investment is part of Waycool’s strategy to create a Keiretsu in the global food supply chain.
Keiretsu refers to building a business network, which is inclusive of diverse companies including manufacturers, supply chain partners, distributors, and financial institutions, among others.
With this investment, WayCool will be using AllFresh’s Apples and Oranges farmers’ pool working in Himachal Pradesh, Punjab and other states.The startup will further connect these farmers with its more than 1.2 Lakh retail clientele.
The development comes a few months after WayCool secured $40 Mn in a strategic funding round led by 57 Stars.
Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool is a full-stack agritech startup. It claims to have backed a logistics startup SV Agri, which has grown by more than 2.5x after raising money from WayCool.
WayCool asserts that it has a network of more than 200K farmers connected through its farmer engagement program Outgrow. It also informed that it is serving over 1.25 Lakh clients in the general and modern trade, and food services space. Some of its customers include Madhuram, Kitchenji, L’exotique, Dezi Fresh and Freshey’s, among others.
Founded in 2013 by Naresh Jawa, AllFresh helps procure and supply fruits to customers via its post-harvest management process. The startup mainly deals with fresh produce such as apples, citrus fruits (oranges, kinnow and sweet lime) and stone fruits (plums, pears).
AllFresh said that it sources fruits from more than 1000 farmers across Himachal Pradesh and Maharashtra. Also, it currently serves over 150 customers across India.
“We welcome AllFresh into the WayCool family. The investment in AllFresh will further strengthen our sourcing of premium apples and citrus from across India. WayCool already brings these products from global sources. Our investment in AllFresh, therefore, completes our supply chain capability and enables us to deliver fresh fruit year-round,” said Chinna Pardhasaradhi, group CFO of WayCool Foods.
AllFresh said it has been working on the development of advanced supply chains for apple and citrus fruits and also, introducing technology to reduce food loss and extend the shelf life of the fruits.
In 2019, agrochemical company UPL bought 26.75% shares in AllFresh for INR 9.24 Cr in an all-cash deal.
“I am delighted to be on board with WayCool. AllFresh and WayCool pursue the common objective of formalising the scattered fruit and vegetable industry in India. Our aim is to reduce pre and post-harvest wastage, and realize better value for farmers, using state-of-the-art knowledge and technology,” said Naresh Jawa, founder and promoter, AllFresh.
The startup plans using the fresh capital to strengthen its post-harvest tech capabilities to improve quality and extend shelf life. It will also utilise WayCool’s distribution network in India and the UAE.
According to a report, India’s supply chain management market was pegged at $18,699.45 Mn in 2020. The industry is expected to grow at a CAGR of 10.7% to become a $52.6 Bn space by 2030.
Some of the startups in the segment include Procol, Magma, Udaan and StarAgri, among others.
