WayCool Secures INR 100 Cr Debt Financing from Grand Anicut to Strengthen Operations The fresh funds will be used to refinance existing borrowings and bolster working capital.
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WayCool, the Chennai-based agricultural supply chain firm, has secured INR 100 crore (USD 12 million) in debt financing from Grand Anicut, marking its first major capital infusion in two years.
The company's board approved the issuance of 1,000 Series B6 debentures, priced at INR 10 lakh each, with an 18% annual interest rate and a maturity period of 18 months, according to filings with the Registrar of Companies.
The fresh funds will be used to refinance existing borrowings and bolster working capital.
Founded by Karthik Jayaraman and Sanjay Dasari, WayCool sources fresh produce, including dairy, from farmers and supplies them to retailers and restaurants. The company also manages private label brands and distribution for FMCG companies.
With a cumulative funding of around USD 160 million from investors such as Lightrock, IFC, and 57 Stars, WayCool had earlier explored a USD 50 million investment that could have boosted its valuation to USD 900 million-USD 1 billion. However, the deal fell through, leaving the company's valuation at USD 700 million from its last equity round.
In June, WayCool implemented a round of layoffs impacting over 200 employees, part of its effort to streamline operations and target profitability. Delayed payments from clients and vendors, coupled with postponed employee salaries, have compounded the company's financial strain.
Initially operating as a B2C model, WayCool pivoted to a B2B farm-to-fork distribution platform in 2019. By leveraging technology, WayCool aims to simplify and manage its complex supply chain operations, reinforcing its commitment to revolutionising the agricultural sector.
