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WayCool, a Chennai-based food and agri-tech platform, on Friday, announced the launch of a wholly-owned subsidiary ‘BrandsNext’ to exclusively focus on its fast-moving consumer goods (FMCG) business.
Started by Karthik Jayaraman and Sanjay Dasari in 2015, WayCool began as a farm-to-fork agri supply chain platform. In 2018, the company entered the consumer packaged goods (CPG) business with the launch of Madhuram (premium variety rice and pulse brand). It then acquired dairy and ready-to-cook brand Freshey’s in 2019. Later, it launched another staples brand ‘Kitchenji’ to expand its product portfolio.
Currently, these three brands together offer 108 SKUs ranging from premium rice varieties, dals and pulses, spices and masalas to idli and dosa batter. The three brands will now come under BrandsNext umbrella.
At a media briefing, Karthik Jayaraman, MD, WayCool said the purpose of hiving off the FMCG business is because the company felt that the value created by building a soil-to-sale supply chain by WayCool is not being realised by the consumers. In FY23, WayCool made a revenue of about ₹1,800 crore, out of which ₹400 crore or 25 per cent came from the three FMCG brands.
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