WayCool, an agritech startup based in India, is currently in discussions to raise more than $50 million in a new funding round. This funding round, if successful, could value the company at over $1 billion, making it the first agritech unicorn in India.
The funding round is being led by existing investor Lightrock India, and other existing investors such as Lightbox, FMO, Lightsmith, and IFC are expected to participate as well. New investors, including Gawa Capital and Redwood Equity Partners, are also likely to join the round.
WayCool was founded in 2015 by Karthik Jayaraman and Sanjay Dasari. The company operates a platform that enables farmers to sell their produce directly to retailers and other businesses.
With a network of over 27 distribution centers across India and partnerships with more than 50,000 farmers, WayCool has established itself as a significant player in the industry.
To date, WayCool has raised over $117 million in funding.
The agritech sector in India is experiencing rapid growth and is projected to grow at a compound annual growth rate (CAGR) of 17% in the coming years.
WayCool is well-positioned to capitalize on this sector’s growth due to its proven track record, robust network, and strong financial backing.
If WayCool is able to raise the $50 million it is seeking, it will become the first agritech unicorn in India. This would be a significant milestone for the company and for the agritech sector as a whole.
WayCool’s revenue from operations grew 2.4 times to Rs 927 crore in FY22.The company closed FY23 with a topline of Rs 2,000 crore. WayCool aims to reach an income of Rs 6,000 crore by FY25.
