Agritech startup Waycool, which recently kicked off its Series D round, has received Rs 85.3 crore or $11.5 million in a fresh tranche. With this, the company has mopped up $24.5 million in the ongoing financing round.
According to Waycool’s regulatory filings, it has approved the allotment of 23,612 Series D preference shares to raise Rs 85.3 crore in which LightRock and Lightbox have invested Rs 65.6 crore and Rs 19.7 crore respectively.
Waycool has received the fresh funds at an inflated post money valuation of $375.3 million, as per Fintrackr’s estimates. The company was valued at around $335 million during the last tranche in October.
Following the new money, the equity of Waycool’s promoters has been diluted to 16.12% which is roughly worth $61 million at the moment.
The six-year-old startup founded by Karthik Jayaraman and Sanjay Dasari connects farmers and food producers with restaurants, hotels, among others. According to the company’s website, it has a network of 50,000 farmers and it handles 350 tonnes of food products every day for more than 18,000 clients.