WayCool Secures Rs 100 Crore Debt Funding from Grand Anicut

Waycool raised Rs 100 crore in debt financing through 1,000 Series B6 debentures at an 18% interest rate.
The startup has secured about $160 million in total funding and plans to use the new funds to enhance its agricultural supply chain.
Amid financing challenges, Waycool laid off over 200 employees and faced issues with delayed salaries.

Chennai-based agritech startup, Waycool has secured Rs 100 crore ($11.9 million) in debt financing from Grand Anicut, as per Registrar of Companies filings. The board approved a capital infusion by issuing 1,000 Series B6 debentures at Rs 10 lakh each, raising Rs 100 crore. The debentures have an annual interest rate of 18% and a maturity period of 18 months.

To date, Waycool has secured about $160 million in total funding from notable investors such as Lightrock, International Finance Corporation, FMO, and 57 Stars.

The startup plans to use the funds to support ongoing operations and expand its core activities in the agricultural supply chain.

Founded by Karthik Jayaraman and Sanjay Dasari, Waycool sources fresh produce like dairy products from farmers and distributes it to retailers and restaurants. The company also operates private label brands and provides supply chain services to FMCG companies.

This latest debt round comes as the company contends with declining financing options and challenges in securing new funds.

In June, the agritech startup laid off more than 200 employees as part of its strategy to achieve profitability. A report from Moneycontrol revealed that the company had previously postponed employee salaries and failed to process June payslips.

Edited by Harshajit Sarmah