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WayCool Foods on Friday announced that it will be investing $5 million in Siddhi Vinayak Agri Processing (SV Agri), one of India’s largest fully integrated players in the potato supply chain ecosystem.
Chennai-based WayCool Foods is India’s largest and fastest growing agri-commerce company focussed on food development and distribution.
Boost quality
The current investment will allow both WayCool and SV Agri to leverage their strong supply chain eco-systems and boost the quality and supply of potato seed, storage and processing across India, according to a press release.
Also read: WayCool Foods chalks out a growth plan with over $100 mn investment
“At WayCool, we look to invest in like-minded companies that bring in diverse expertise and create mutual synergies. SV Agri has expertise ranging from providing high quality seeds for farmers with advisory services, best in class storage solutions, nationwide delivery network, top of the line engineering solutions and capability to manufacture a wide range of processing equipment,” Karthik Jayaraman, Chief Executive Officer and Co-founder, WayCool Foods & Products Pvt Ltd, said in the release.
Earlier this month, WayCool announced an aggressive growth plan entailing over $100 million investment in technology, product development, facility expansion and new company acquisitions over the next four years.
“We see a great demand for high quality potatoes in southern India and see an opportunity to leverage our expertise to quell the demand with the help of our collaboration with WayCool,” said Hemant Gaur, co-founder, SV Agri.
“We can also see a fruitful partnership for our cold storage and engineering solutions as WayCool is renowned to push boundaries when it comes to innovative and customised solutions to adapt their supply chain as per Indian requirements,” he added.
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