October 1, 2024: WayCool in its renewed bid to meet profitability goals and growth momentum, it has raised Rs 100 crore in debt financing from Grand Anicut, according to filings with the Registrar of Companies. The board approved a capital infusion through 1,000 Series B6 debentures at an issue price of Rs 10 lakh each to raise Rs 100 crore.
In a statement Agriculture supply chain startup stated the debentures carry a coupon rate (interest rate) of 18% per annum, with a maturity period of 18 months. WayCool aims to deploy the fresh capital for refinancing its current borrowings and for working capital. The debt round follows, as the company navigates hurdles with lower financings and challenges in raising funding.
The firm claims to be a leading Food & Agri Tech Company, supplying 2,000+ tons of food to a network of 169,000+ retailers every day
Waycool lays off 200 employees
In June, the Chennai-based company completed a fresh round of layoffs which impacted more than 200 employees as part of its ongoing business strategy to improve efforts to raise profitability. According to a media report by Money control, the company had earlier postponed employee salaries and did not process their June payslips.
Adding to the woes of WayCool business, payments from clients were delayed, while outstanding payments to vendors, including millers, logistics partners, and service providers like SGS, further worsened the situation.
In 2019, WayCool shifted from a B2C model after co-founders Karthik Jayaraman and Sanjay Dasar chose to focus to a farm-to-fork B2B model. The company follows a “phy-gital” business model connecting farmers, processors, distributors and the retailers, while boosting profitability for every stakeholder. Its products include fresh fruits and vegetables, staples, nuts and spices, dairy, and value-added products
