WayCool Foods, a Chennai-based agritech company, today announced that it has raised $32 million in Series C round of funding which includes a combination of debt and equity infusion.

The current round of funding was led by venture capital firm Lightbox, which also saw participation of the Dutch entrepreneurial development bank FMO, along with existing investor LGT Lightstone Aspada. The company has also partnered with InnoVen Capital to raise venture debt as part of this round, a press statement from the company said.

Founded by Karthik Jayaraman and Sanjay Dasari in 2015, WayCool focuses on food development and distribution. It leverages innovative technologies to scale-up and operate complex supply chain processes.

The company operates a full stack, broadline product range across multiple channels and categories such as fresh produce, staples, value-added products and dairy. WayCool Foods moves over 250 tonnes of food every day to 8,000 clients in the general trade, modern trade, and food services space spread across south India.

The company said it will use the funds raised to automate its supply chain and build the next layer of data analytics required to strengthen supply chain efficiency. It will also develop and expand its range of value-added products to enterprise and retail customers.

“Lightbox’s deep experience in technology and brand building will greatly help us as we strengthen our digital backbone, and our move into value-added products. FMO’s guidance will be of essence in building a culture of impact orientation across the organisation and staying true to the course,” Karthik Jayaraman, Co-Founder and CEO, WayCool Foods, was quoted in the statement.

WayCool has previously raised two rounds of funding from Aspada, LGT Impact Ventures, Caspian Impact Investment, and Northern Arc Capital Ltd.

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