The Fact Maker

Europe’s Impact fund Huruma invests $11.6mn in WayCool Foods

Investment is aimed at strengthening WayCool’s leadership in building the most comprehensive tech stack for the Agri/ food supply chain in India

Kolkata: Europe’s leading impact investing fund, Huruma, managed by GAWA Capital, announced its investment of $11.6Mn in India’s largest and fastest growing agri-commerce company – WayCool Foods. The investment will be used to accelerate and leverage deep tech and automation at WayCool to enhance its efficiency multi-fold.

“We are very proud for our investment in WayCool Foods because the company is revolutionizing the way food is produced, distributed and consumed while benefitting some of the most vulnerable people in India. Farmers increase their income, kirana stores can improve their offering and low income consumer have access to more nutritious food with the added benefit of dramatically reducing food waste.“ say Luca Torre and Agustin Vitorica, Co-CEOs, GAWA Capital.

Chinna Pardhasaradhi CFO, WayCool Foods said “We welcome Gawa Capital to WayCool foods. Gawa is a veteran European impact investor into India, and together, we will explore building viable commercial and financing models in the food supply chain”.

WayCool focuses on food development and distribution and leverages innovative technology to scale and operate a complex supply chain from soil to sale. Advanced technology has allowed business to grow 4X in revenue which is driven by a jump in share of own brands from 2% to 15% of revenue. WayCool has increased its overall customer base by 10X and recently entered the Middle East market. The business already has operations in 6 states with over 40 distribution centers and is all set to build a tech playbook to scale quickly.

WayCool Foods is India’s largest and fastest growing agri-commerce company. Focusing on food development and distribution, the company leverages innovative technology to scale and operate a complex supply chain from soil to sale. Through its farmer engagement program – Outgrow, WayCool works with 85000+ farmers. WayCool operates a full stack, broadline product range across multiple channels and categories such as fresh produce, staples, and dairy, serving over 1,00,000 clients in the HoReCa, general trade, modern trade, and food services space. Waycool’s consumer brands basket consists of Madhuram, Kitchenji, L’exotique and Freshey’s, to name a few.