Chennai-based agritech firm WayCool has secured ₹210 crore from existing investor Lightrock India through a rights issue, its first sizeable equity infusion in nearly four years. The capital injection underscores investor confidence in WayCool’s farm-to-fork model and reflects sustained interest in India’s agritech sector.
Details of the investment
Regulatory filings show WayCool’s board approved the allotment of about 3.92 lakh equity shares to LR India Fund I S.a.r.l., a Lightrock-linked vehicle. The shares were issued at ₹5,347 apiece as part of the transaction.
The company did not disclose a fresh valuation in the filing. In its previous major funding round, WayCool was valued at approximately $700 million. The new funds are expected to support working capital, operational improvements and enhancements to its supply chain infrastructure.
Business model and scale
Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool operates a technology-driven food and agriculture supply chain platform that links farmers directly with retailers, brands and institutional buyers. The startup combines sourcing, cold-chain logistics, processing and market linkages to reduce post-harvest losses and improve price realisation for growers.
WayCool says it engages more than 85,000 farmers through its digital outreach platform Outgrow. Alongside B2B supply-chain services, the company also runs consumer brands selling fresh produce, staples and dairy items.
Funding history and strategic intent
Since inception, WayCool has attracted investment from Lightrock, the International Finance Corporation (IFC), FMO and 57 Stars, among others. Investors have backed the company’s strategy to modernise agricultural supply chains through technology, logistics scale and food-processing capabilities.
Operational focus and financials
The fresh capital arrives as WayCool works to enhance operational efficiency and progress toward profitability. In FY23, the company reported revenue of ₹1,251 crore and a loss of ₹685 crore.
Despite losses across several agritech operators, investor interest in the segment remains robust, driven by long-term opportunities to boost farm productivity, reduce distribution inefficiencies and strengthen India’s food supply chain.
