WayCool Foods raises $11.6 million from impact fund Huruma

CHENNAI: Agri supply chain tech startup

WayCool Foods

has raised $11.6 million investment from Europe’s impact investing fund,

Huruma

, managed by

GAWA Capital

.

The investment will be used to accelerate and leverage deep tech and automation at WayCool to enhance its efficiency.

WayCool focuses on food development and distribution and leverages technology to scale and operate a complex supply chain from soil to sale. The company notes that its digitisation of the end-to-end supply chain has helped 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 six states with over 40 distribution centers and is all set to build a tech playbook to scale quickly.

Luca Torre

and

Agustin Vitorica

, co-CEOs, GAWA Capital, said the company's tech helps farmers increase their income, kirana stores improve their offering and low income consumers have access to more nutritious food with the added benefit of reducing food waste.

Through its farmer engagement program - Outgrow, WayCool works with more than 85,000 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.