Chennai-based agritech startup WayCool has raised ₹210 crore from its existing investor Lightrock India through a rights issue, marking its first significant equity funding in nearly four years. The investment highlights continued confidence in the company’s business model and the growing potential of India’s agritech sector.
According to regulatory filings, WayCool’s board approved the allotment of around 3.92 lakh equity shares to LR India Fund I S.a.r.l., an investment vehicle associated with Lightrock India. The shares were issued at a price of ₹5,347 per share as part of the funding transaction.
Although the company did not disclose its latest valuation in the filing, WayCool was previously valued at around $700 million during its last major funding round. The fresh capital is expected to support the company’s operations and strengthen its supply chain infrastructure.
Expanding a Farm-to-Fork Agritech Platform
Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool operates a technology-driven food and agriculture supply chain platform. The company focuses on connecting farmers directly with retailers, brands, and institutional buyers, helping improve efficiency in the agricultural distribution network.
WayCool claims to work with more than 85,000 farmers through its digital farmer engagement platform called Outgrow. In addition to supply chain services, the company also operates several consumer-facing brands that sell fresh produce, staples, and dairy products.
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Focus on Strengthening Operations
The funding comes at a crucial time for WayCool as the company works to improve operational efficiency and move closer to profitability. In FY23, the startup reported revenue of ₹1,251 crore while recording losses of ₹685 crore.
Despite these challenges, investor interest in agritech remains strong as startups continue to build technology-led solutions to improve farm productivity, reduce supply chain inefficiencies, and strengthen India’s food distribution ecosystem.