Chennai-based food and agtech startup WayCool Foods has picked up an 80 per cent stake in AllFresh Supply Management Private Limited (AllFresh) as part of its strategy to create a Keiretsu in the global food supply chain.
Keiretsu is a Japanese term for a business network of companies, including manufacturers, supply chain partners, distributors, and occasionally financiers.
The investment will help the agtech company strengthen its sourcing of premium apples and citrus from across India. WayCool already imports these from global sources.
WayCool will leverage Allfresh’s capabilities, as well as its network of apple and citrus growers, and farmers in Himachal Pradesh, Punjab, Maharashtra and Madhya Pradesh, among other locations, connecting their output to WayCool’s network of over 1,25,000 retail clients, a statement from the Chennai-based company said.
The Chennai firm’s investment will help AllFresh expand its post-harvest capabilities to enhance the quality and extend the shelf life of the fruits. AllFresh will have access to WayCool’s distribution network in India and the UAE.
AllFresh has been pioneering the development of modern supply chains for apple and citrus fruits, through practices and technology that help cut food loss and extend the shelf life of the products.
Chinna Pardhasaradhi, Group CFO, WayCool Foods, said, “Our investment in AllFresh completes our supply chain capability and enables us to deliver fresh fruits year-round.”
Naresh Jawa, Founder and Promoter, AllFresh, said, “Our aim is to reduce pre- and post-harvest wastage and realise better value for farmers, using state-of-the-art knowledge and technology.”
WayCool has been investing in companies that bring complementary capabilities to its platform, especially those on the cusp of rapid growth. Recently, it invested in SV Agri, one of India’s largest independent potato supply chain and solutions companies, which has grown by over 2.5x after getting funds from WayCool.
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