B2B food and agritech platform WayCool has raised Rs 210 crore (around $22.7 million) through a rights issue from its existing investor Lightrock. This marks the company’s first major equity funding round in nearly four years.

According to regulatory filings with the Registrar of Companies (RoC), WayCool’s board has allotted 3.92 lakh equity shares to LR India Fund I S.a.r.l., SICAV-RAIF (Lightrock) at an issue price of Rs 5,347 per share.

While the company’s current valuation has not been disclosed, WayCool was last valued at around $700 million during its previous equity funding round.

Previous Debt Funding

Before this equity raise, WayCool had secured Rs 110 crore (approximately $13 million) in venture debt funding last year from Grand Anicut.

Overall, the startup has raised around $183 million in funding to date from investors including International Finance Corporation, FMO, and 57 Stars, among others.

Building a Full-Stack Agritech Platform

Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool operates a full-stack agritech and food distribution platform that connects farmers directly with retailers, food brands, and institutional buyers.

The company focuses on improving agricultural supply chains by combining sourcing, distribution, and food processing capabilities. Its platform aims to bring greater efficiency and transparency to the movement of agricultural produce from farms to businesses.

Operational Challenges and Leadership Changes

In July 2024, the Chennai-based startup laid off over 200 employees across departments as part of its efforts to move toward profitability. This was the third round of layoffs undertaken by the company.

Later in December 2024, co-founder Sanjay Dasari stepped down from the company after nearly a decade with the Bengaluru-based firm.

The company has also not filed its annual financial results for the last two fiscal years. During FY23, WayCool reported revenue of Rs 1,251 crore while posting losses of Rs 685 crore.

Agritech Funding Sees Renewed Momentum

WayCool’s latest funding comes at a time when India’s agritech sector is seeing renewed investor interest and consolidation.

Several startups in the space have recently raised capital or pursued strategic moves, including:

• Arya.ag raising Rs 725 crore (around $80.3 million)

• AgroStar securing $30 million in funding

• Unnati merging with Gramophone

These developments reflect a broader push in the sector toward scale, sustainable business models, and long-term profitability.

-By Shivani Solanki