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Exclusive: Waycool to raise $13 Mn debt from Grand Anicut

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Exclusive: Waycool to raise $13 Mn debt from Grand Anicut B2B food and agritech platform Waycool raises Rs 110 crore (approximately $13 million) in debt from Grand Anicut. This will be the second debt round for the Chennai-based company in the last four months. The board at Waycool has passed a special resolution to issue 1,100 non-convertible debentures at an issue price of Rs 1,00,000 each to raise Rs 100 crore or $13 million, its regulatory filing accessed from the Registrar of Companies shows. The debt investment will come with an annual coupon rate of 18% and a tenure of 18 months. In addition to the 18% interest, an additional 4% interest, mutually agreed upon by the company and the lender, will also be applied, according to the explanatory statement filed by the company. According to the filings, Waycool plans to use the funds for general corporate business purposes. These back-to-back loans with high interest rates indicate that the company is facing challenges in securing an equity round and urgently needs capital. 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. 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 registered 62% growth in its operating revenue to Rs 1,251 crore in FY23 whereas losses of the firm surged 89% to Rs 685 crore during the same period. The company has yet to file its annual report for FY24.