Agritech Startup WayCool Raises $2.7 Mn From Aspada Investments

Chennai-based fresh-produce distribution startup WayCool has secured $2.7 Mn from early-stage venture capital firm Aspada Investments.

The startup will use the recently raised funding for building technological upgradations to reduce inefficiencies in the supply chain and augment the existing infrastructure. They are also planning to expand to Bengaluru and Hyderabad.

Established in July 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool aims to fix the  disorganised perishable supply chain. It is an omnichannel fresh produce distribution company that distributes fruits and vegetables to multiple end use segments spanning small local shops, modern retail outlets. The company has a retail presence currently in Chennai, through the SunnyBee brand, operating retail stores, mobile stores on trucks. In addition, there are a number of private label products that SunnyBee produces and brands through partnerships with sister companies.

Karthik Jayaraman, co-founder of Waycool said,“India is the second-largest producer of fruits and vegetables in the world, and presents a significant opportunity for private players to profitably organise perishable produce value chains. Our partnership with Aspada will allow us to leverage not only their cumulative expertise in India’s horticulture value chains, but also their sizable portfolio of fresh produce companies.”

The startup, with a team of 100 employees, claims to have processed 350 tonnes of produce in March. The average order size ranges from INR 1,500 to INR 20,000.

Earlier this month, Pune-based agritech startup AgroStar raised $10 Mn Series B funding led by Accel India. Existing investors IDG Ventures and Aavishkaar also participated in this round.

In February 2017, Hyderabad-based consulting organisation Sathguru Management Consultants announced plans of launching a $100 Mn fund. Other startups working in the agritech domain include Vegfru, an online B2B marketplace for fruit and vegetable trade, fruit and vegetable supply chain startup Lemon Leaf, DayBox, etc.