Chennai-based agritech startup WayCool Foods has received a grant of US$ 114K from the Dutch entrepreneurial development bank FMO.
WayCool had previously raised three rounds of funding from Lightbox, FMO, Caspian Impact Investment, LGT Lightstone Aspada and Northern Arc Capital Ltd.
The grant received will be utilised towards procurement and distribution of dual-purpose PPE kits as well as enablement of on-site soil testing to farmers. This distribution will be undertaken under WayCool’s flagship Outgrow Programme for farmers. The startup claims that this initiative will benefit more than 15K small landholding farmers across the states of Tamil Nadu, Telangana, Andhra Pradesh, Maharashtra and Karnataka.
About WayCool
WayCool was co-founded in July 2015 by Karthik Jayaraman and Sanjay Dasari. It is headquartered in Chennai., India. WayCool is an agri-tech startup which processes, distributes and procures fresh produce, dairy products and staples. It helps farmers to increase their income by innovative quality management and food safety technology. WayCool leverages technology and innovation and improves distribution and logistics services.
WayCool aims to accelerate its profitability and maintain its lean, capital-efficient model. Currently, the startup has a retail presence in Chennai through a brand named SunnyBee. WayCool distributes fruits, vegetables and other farm-sourced produce to local shops and retail outlets.
According to the company, WayCool handles more than 350 tonnes of food produce per day across 8000 clients. It has established a network of 40K farmers in more than 50 regions in India. Some of WayCool’s products include staples like rice, wheat flour, dairy, pulses and value-added products.
Sendhil Kumar Natarajan, Head of Agri Initiatives, WayCool Foods said, “Farmers are essential service providers as they feed the nation. They are also very vulnerable during disruptive events, such as the ongoing pandemic. Our measures have focused on enabling farmers earn their livelihood while reducing the risks they face. The FMO grant will help us in protecting a significantly larger number of farmers and we thank FMO for their timely support.”
About FMO
FMO is based out of Hague, Netherlands. It has invested in over 85 countries, focusing mainly on emerging markets, supporting jobs and income generation, with an aim to improving people’s lives in underdeveloped and developing parts of the world.
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