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Waycool posts Rs 1,251 Cr revenue and Rs 686 Cr loss in FY23

EntrackrEntrackr · 1y ago
Waycool posts Rs 1,251 Cr revenue and Rs 686 Cr loss in FY23
Medial

B2B food and agritech platform Waycool claims Rs 1,600 crore in revenue with the goal of operational break even in FY24. While the company is yet to release its financial statements for FY24, it recently disclosed its results for the fiscal year ending March 2023 after an 11-month delay. Entrackr has sifted through the firm’s regulatory filings to understand its financial health in FY23. Waycool’s revenue from operations grew by 62% to Rs 1,251 Crore in FY23 from Rs 772 Crore in FY22, its consolidated financial statements sourced from the Registrar of Companies show. The difference in the revenue figures for FY22 was due to the adoption of IND AS by the company. The firm reported Rs 927 crore revenue in FY22. Waycool is a full-stack supply chain player working with farmers and clients who source agricultural and dairy products from the company. The company has its 7 own consumer brands namely Madhuram, KitchenJi, DeziFresh, AllFresh and others. The collection from the sale of goods formed 98% of the total operating revenue which surged 60% to Rs 1,228 crore in FY23. Out of the total sale of goods, the finished goods ( the sale of its own brands) contributed 10% only while the rest of the sales came from traded goods. Income from commissions and cold storage management were some co-revenue drivers for Waycool. The company also added Rs 11 crore from interest on fixed deposits and non-current investments, tallying the overall income to Rs 1,262 crore in FY23. See TheKredible for the detailed revenue breakup. Since Waycool follows an inventory-led model, the cost of procurement of materials accounted for 61.51% of the total expenditure. In line with scale, this cost grew 58.2% to Rs 1,200 crore in FY23. The firm’s expenses on employee benefits, doubtful debts, advertising, transportation, and other overheads took its overall cost up by 71.3% to Rs 1,951 crore in FY23 from Rs 1,139 crore in FY22. Check TheKredible for the detailed expense breakdown. Note: We have excluded the expense of Rs 1,906 crore and 828 crore from FY23 and FY22 respectively which were incurred against the loss of fair value of the preference shares, the company’s spokesperson confirmed, after sending queries. Despite the decent scale, the company didn’t manage to control its costs, resulting in its losses surged by 89% to Rs 685 crore in FY23. The company spent Rs 1.56 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -149.68% -199.66% Expense/₹ of Op Revenue ₹1.47 ₹1.56 ROCE N/A N/A While operational break-even might seem too ambitious in FY24 with these numbers, it is not impossible, considering Waycool is well past the investment stage now. However, the Chennai-based company has been struggling to find new investment and closed several initiatives in a bid to cut costs and extend the runway. According to sources, things aren’t looking great for Waycool and it would be exciting to watch whether it bounces back or wilts away on the lines of several promising venture-backed agritech startups.

WayCool raises Rs 210 Cr from Lightrock India

EntrackrEntrackr · 3d ago
WayCool raises Rs 210 Cr from Lightrock India
Medial

WayCool raises Rs 210 Cr from Lightrock India B2B food and agritech platform WayCool has raised Rs 210 crore (about $22.7 million) through a rights issue from existing investor Lightrock India. This is the company’s first major equity funding in nearly four years. Previously, the company raised Rs 110 crore (around $13 million) in debt from venture debt firm Grand Anicut last year, Entrackr exclusively reported. The board at Waycool has allotted 3.92 lakh equity shares to LR India Fund I S.a.r.l., SICAV-RAIF (Lightrock) at an issue price of Rs 5,347 per share, according to its filing with the Registrar of Companies (RoC). The current valuation of Waycool couldn’t be ascertained, However, the firm was valued at $700 million in its last equity round. Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool operates a full-stack agritech platform that connects farmers directly with retailers, food brands, and institutional buyers. The company focuses on improving agricultural supply chains through sourcing, distribution, and food processing capabilities. WayCool has raised around $183 million in funding to date prior to this round, from Lightrock, International Finance Corporation, FMO, and 57 Stars, among others. In July 2024, the Chennai-based agriculture supply chain firm laid off over 200 employees across departments as it focused on achieving profitability in its third round of layoffs. This was followed by the resignation of Sanjay Dasari, co-founder of WayCool, who stepped down after nearly a decade with the Bengaluru-based company in December 2024. Importantly, the company has not filed their annual results for the last two fiscal years. During FY23, it posted a revenue of Rs 1,251 crore with losses of 685 crore. This funding for WayCool comes as agritech funding picks up, with recent large raises and consolidation moves. Arya.ag raised Rs 725 crore (around $80.3 million), AgroStar secured $30 million, and Unnati merged with Gramophone, reflecting the sector’s push for scale and long-term sustainability.

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