Chennai-based agritech firm WayCool has secured ₹210 crore from existing investor Lightrock India via a rights issue, its first major equity infusion in nearly four years. The capital injection underscores investor confidence in WayCool’s farm-to-fork model and reflects sustained interest in India’s technology-led agriculture sector.
Details of the Funding
Regulatory filings show WayCool’s board approved the allotment of about 3.92 lakh equity shares to LR India Fund I S.a.r.l., an investment vehicle linked to Lightrock India. The shares were issued at ₹5,347 each as part of the transaction.
The company did not disclose a fresh valuation in the filing. In its last significant funding round, WayCool was valued at about $700 million. The new funds are earmarked to support operations and strengthen supply chain infrastructure across procurement, warehousing and distribution.
About WayCool and Its Operations
Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool operates a technology-driven food and agriculture supply chain platform that connects farmers directly with retailers, brands and institutional buyers. The platform combines procurement, cold-chain logistics, processing and digital marketplaces to improve efficiency in the agricultural distribution network.
WayCool says it engages more than 85,000 farmers through its digital farmer engagement platform Outgrow, and sells produce, staples and dairy products under several consumer-facing brands. Since inception, the company has attracted capital from investors including Lightrock, the International Finance Corporation (IFC), FMO and 57 Stars.
Operational Context and Financials
The funding arrives as WayCool works to enhance operational efficiency and move closer to profitability. For FY23, the startup reported revenue of ₹1,251 crore and losses of ₹685 crore, reflecting the capital-intensive nature of scaling cold-chain and processing capabilities in India’s fragmented agri-supply ecosystem.
Investors remain interested in agritech because technology-led interventions can raise farm productivity, reduce wastage, shorten distribution channels and strengthen food security. For companies like WayCool, fresh equity is aimed at scaling logistics, improving margins and expanding farmer linkages across states.
