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Exclusive: Waycool raises $12 Mn debt from Grand Anicut

EntrackrEntrackr · 9m ago
Exclusive: Waycool raises $12 Mn debt from Grand Anicut
Medial

Waycool, the Chennai-based agriculture supply chain firm, has raised Rs 100 crore (about $12 million) in debt financing from Grand Anicut. This is the first major infusion in the company in the last two years. The board at 1,000 Series B6 debentures at an issue price of Rs 10,00,000 each to raise Rs 100 crore or $12 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The debt carries a coupon rate (interest) of 18% per annum with a tenure of 18 months. The company plans to use the funds for ongoing business operations, according to the filings. This debt round is a significant breakthrough for Waycool, as the company has been struggling to raise an equity round. Founded by Karthik Jayaraman and Sanjay Dasari, Waycool buys fresh produce, including dairy products, from farmers and sells them to retailers and restaurants. It also runs private label brands and handles distribution for fast moving consumer goods or FMCG companies. Waycool has raised around $160 million in funding to date from Lightrock, International Finance Corporation, FMO, and 57 Stars, among others. It was also negotiating for more than $50 million which could have propelled its valuation in the range of $900 million to $1 billion. However, the talks did not go through. The firm was valued at $700 million in its last equity round. To cut costs, the firm also laid off 200 employees across departments as the company was eyeing profitability by July this year. Waycool registered 62% growth in its operating revenue to Rs 1,251 crore in FY23 whereas its losses surged by 89% to Rs 685 crore during the same period. It’s yet to file an annual report for FY24. The debt funding for Waycool highlights the scarcity of equity capital for agritech startups. Notably, three companies—Waycool, Dehaat, and Ninjacart—have been close to achieving unicorn status for the past couple of years. However, the sector has yet to produce its first unicorn. According to startup data intelligence platform TheKredible, agritech remains one of the least funded segments in 2024, with over 30 startups raising only $150 million by September. This follows a challenging trend, as last year saw just $178 million in agritech funding, a steep decline from $772 million in 2022 and $636 million in 2021. On Monday, agritech firm Greenikk shut down its operations due to operational challenges.

Exclusive: FlexiLoans raises $9 Mn debt from JM Financial

EntrackrEntrackr · 10m ago
Exclusive: FlexiLoans raises $9 Mn debt from JM Financial
Medial

MSMEs-focused fintech lender FlexiLoans has raised Rs 75 crore (approximately $9 million) via non-convertible debt from JM Financial. This is the second debt round for the Mumbai-based company this year. The board at FlexiLoans has passed a resolution to issue 7,500 non-convertible debentures to raise Rs 75 crore, according to the company’s internal documents accessed by Entrackr. The debt has a coupon rate (interest) of 12.05% per annum with a tenure of 24 months. The company intends to utilize the funds for the ongoing business operations, the documents added. The debt infusion has come at a time when the firm is set to secure $35 million in funding from late-stage fund Fundamentum, co-founded by Infosys veteran Nandan Nilekani. Founded by Deepak Jain, Manish Lunia, Ritesh Jain, and Abhishek Kothari, FlexiLoans offers collateral-free loans to MSMEs. The firm has raised over $124 million to date in a mix of equity and debt including a $90 million Series B round from Fasanara Capital, MAJ Invest, Caravel Group, among others in June 2022. As per its website, the company has disbursed over Rs 7,000 crore of loans. Besides partnerships with over 400 partners, Flexiloans also lends through its NBFC — Epimoney. The company gives loans in the range of Rs 50,000 to Rs 1 crore with a maximum tenure of 36 months. The fintech firm grew at a fast pace in the fiscal year ending March 2024 as its collection jumped 2.4X year-on-year. Its operating revenue soared to Rs 262 crore in FY24 from Rs 109 crore in FY23. During the period, the company also maintained its profitability with Rs 3 crore PAT. FlexiLoans competes with a clutch of fintech firms including Lendingkart, Indifi, Incred, Oxyzo and Aye Finance.

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