Agri Business

WayCool Foods chalks out a growth plan with over $100 mn investment

Our Bureau Chennai | Updated on July 09, 2021

Karthik Jayaraman, Chief Executive Officer and Co-Founder, WayCool Foods & Products Private Limited.

To invest in technology, product development, expansion and acquisitions over the next four years.

WayCool Foods, one of India's fastest growing agri supply chain start-ups, has chalked out an aggressive growth plan entailingover $100 million in technology, product development, facility expansion and new company acquisitions over the next four years.

“We have budgeted a capex outlay of $75-100 million for the next four years, of which current year outlay will be around $20 million towards facility expansion, technology and select investments into similar companies,” said Karthik Jayaraman, Chief Executive Officer and Co-Founder, WayCool Foods & Products Private Limited.

He was addressing a virtual press conference on Thursday to mark the company’s 6th foundation day.

“As part of our capex, we will be building five large warehouses which will be heavily automated for the handling of dry groceries and staples. We will also scale up our repacking facilities by 5X both for fresh produce and grains and pulses and we will be building these in Bengaluru, Chennai and other parts of Tamil Nadu,” Jayaraman said.

The company also announced that it has crossed a milestone of ₹1,000 crore in ARR (Annual Recurring Revenue), and as part of its next phase of growth it will expand into newer markets such as Maharashtra in India and in the Middle East.

“Entering western India specifically Maharashtra is a logical next step since we anyway work deeply for sourcing in Maharashtra and have one of our strongest bases there,” Jayaraman said, adding, “The Middle East has had deep relationships with India for millennia, and is keen to build food security. Given WayCools strong sourcing networks coupled with our next-gen tech integrated supply chain, we believe we are well positioned to fulfil the region’s requirements.”

Set up in 2015, the agri-commerce company works with over 80,000 farmers across the country and has over 100,000 customers ranging from kirana stores to modern traders, hotels and restaurants. The company has raised about $46 million in equity and debt till date.

Published on July 08, 2021

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