Agri-commerce startup WayCool Foods has raised $117 million in Series D round from new and existing investors such as LightRock, LightBox, FMO, Lightsmith, World Bank Group’s IFC, Redwood Equity Partners and Gawa Capital.
According to the Chennai-based startup, the fresh capital will be used to ramp up deep-tech automation in its quest to build the world’s most comprehensive food and agri platform. It has also chalked out plans to strengthen its footprint in western India and West Asia, a company statement said.
As part of the Series D round, WayCool raised $95 million as equity and $22 million as debt. The company has raised $46 million so far in the last three rounds.
Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool connects farmers and food producers with restaurants, hotels, among others. The company has a network of 50,000 farmers and it handles 350 tonnes of food products everyday for more than 18,000 clients, as per its website.
It competes with NinjaCart and Udaan, Zomato’s HyprePure, Vegrow among several others.