WayCool’s Chief People Officer Alex Augustine Resigns

SUMMARY

Augustine put down his papers on January 21 and will continue to serve his notice period till April

This is the second major exit in the Lightrock India-backed startup in the past two months

Last year, WayCool fired 270 employees across various departments in Chennai, Bengaluru and Hyderabad

In its latest senior leadership exit, Chennai-based agritech startup WayCool’s chief people officer (CPO) and head of distribution, Alex Augustine, has resigned after over a three-year stint.

Sources familiar with the matter told Inc42 that Augustine put down his papers on January 21 and will continue to serve his notice period till April. However, they did not disclose the reason behind this move.

Inc42 has reached out to WayCool for comments on the development. The story will be updated based on the response.

As per Augustine’s LinkedIn profile, after joining the startup back in October 2021, he led its HR department and also helmed the food distribution vertical.

With over 30 years of experience spanning across industries like facility management services, IT and technology, spices and food manufacturing and hospitality, he has worked with brands like Taj Hotels, CMS Info Systems, ISS Facility Management, among others.

This is the second major exit in the Lightrock India-backed startup in the past two months.

In December last year, its cofounder Sanjay Dasari stepped down after having a 10 year run to double down on his angel investment and efforts.

Adding to the woes, the company also underwent a wave of layoffs in the past. Last year, it fired 270 employees across various departments in Chennai, Bengaluru and Hyderabad.

In 2023 as well, the company reportedly had to let go 300 employees in a restructuring exercise and also shuttered some of its distributional centres and experimental projects to focus on profitability.

Last month, the company raised a funding of INR 38.2 Cr led by Trifecta Capital, along with participation from Alteria Capital and Stride Ventures.

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

The development comes at a time when a host of startups and VC firms are witnessing senior leadership exits.

For instance, Nishant Pittin stepped down from his role of chief executive at EaseMyTrip in early January after offloading his stake in the company.

Moreover, former cofounder of The Good Glamm Group, Priyanka Gill left Kalaari Capital after having a short stint of one year to float her own venture.

Yesterday, (February 11) it was reported that two managing directors at Peak XV–Shailesh Lakhani and Abheek Anand are on their way out from the VC firm.