Exclusive: WayCool Nets INR 38 Cr From Trifecta, Alteria

Indian Startup Funding Climbs 20% To $8.7 Bn In 2024’s First Nine Months

SUMMARY

WayCool has raised a funding of INR 38.2 Cr ($4.4 Mn) led by Trifecta Capital, along with participation from Alteria Capital and Stride Ventures

WayCool allotted the Series B optionally convertible redeemable preference shares (OCRPS) after passing the resolution on December 30, 2024

This comes after the company recently announced to raise INR 110 Cr ($12.8 Mn) in debt from Grand Anicut

Chennai-based agritech startup WayCool has raised a funding of INR 38.2 Cr ($4.4 Mn) led by Trifecta Capital, along with participation from Alteria Capital and Stride Ventures.

According to the company’s regulatory filing, WayCool allotted the Series B optionally convertible redeemable preference shares (OCRPS) after passing the resolution on December 30, 2024.

Notably, of the total of INR 38.2 Cr, Trifecta Capital invested about INR 21.2 Cr, while Alteria Capital invested about INR 9.3 Cr. The rest was invested by Stride Ventures.

This comes after the company recently passed a special resolution to raise INR 110 Cr ($12.8 Mn) in debt from Grand Anicut. The startup will issue 1,100 series B6 non-convertible debentures at an issue price of INR 10 Lakh each– totalling to INR 110 Cr.

The INR 110 Cr debt investment was first reported by Entrackr.

Meanwhile in November last year, the company raised another INR 65 Cr ($7.6 Mn) debt round from Ivy Icon Solutions as well.

Back then, it allotted 650 series B6 non-convertible debentures at an issue price of INR 10 Lakh each.

Earlier, in October, the company secured another debt funding of INR 100 Cr ($11.9 Mn) from Grand Anicut.

Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool sells food products under seven different labels and also offers supply chain solutions.

Notably, the company is also struggling to achieve profitability. In 2024, WayCool sacked 270 staff as a part of its effort to streamline operations for cutting down losses. This came after the company reportedly laid off around 300 employees in 2023.

It was also reported earlier that the agritech startup was in talks to raise around $50-$70 Mn at a valuation of around $900 Mn. However, it failed to close this round due to the ongoing funding winter.

This has perhaps made the startup reevaluate the strategy and is now raising a large chunk of debt funding. In the last four months alone, WayCool has raised INR 275 Cr ($32 Mn) in debt alone.