WayCool Bags INR 100 Cr Debt From Grand Anicut

Chennai-based agritech startup WayCool has secured a debt funding of INR 100 Cr ($11.9 Mn) from Grand Anicut.

The board approved a capital infusion through 1,000 Series B6 debentures at an issue price of INR 10 Lakh each to raise INR 100 Cr. The debentures carry a coupon rate (interest rate) of 18% per annum, with a maturity period of 18 months, as per WayCool’s RoC filing.

WayCool aims to use the fresh capital for refinancing its existing borrowings and for working capital.

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

This also comes at a time when the company is struggling to raise fresh capital.

From January to July this year, WayCool sacked 270 staff as a part of its effort to streamline operations for cutting down losses.

Also, last year, the company reportedly laid off around 300 employees. 

Notably, the agritech startup has been booking losses lately, with its net losses rising 88.7% to INR 685 Cr in FY23 from INR 363Cr in FY22. 

In FY23, the company’s revenue from operation stood at INR 1,251 Cr, 62% up from INR 772.3 Cr in FY22. 

Till date, the agritech startup has raised a total funding of about $300 Mn and counts the likes of Lightrock, Lightbox, Lightsmith, 57 Stars and FMO among its investors.

WayCool announced its FMCG entity BrandsNext Last year, which houses brands such as Madhuram, KITCHENji, DeziFresh, and Freshey’s. 

It was reported last year 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.