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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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Exclusive: Waycool raises $12 Mn debt from Grand Anicut

EntrackrEntrackr · 1y 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: Waycool to raise $13 Mn debt from Grand Anicut

EntrackrEntrackr · 1y ago
Exclusive: Waycool to raise $13 Mn debt from Grand Anicut
Medial

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.

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.

Shiprocket files updated DRHP to raise Rs 1,100 Cr via fresh issue

EntrackrEntrackr · 3m ago
Shiprocket files updated DRHP to raise Rs 1,100 Cr via fresh issue
Medial

Logistics and supply chain platform Shiprocket has filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its Rs 2,342.35 crore initial public offering (IPO). The IPO includes a fresh issue of equity shares worth Rs 1,100 crore, while existing shareholders and co-founders will offload shares worth Rs 1,242.35 crore through an offer for sale (OFS). According to the UDRHP, the OFS will be led by Lightrock, selling shares worth Rs 258.49 crore. Arvind Ltd and Tribe Capital will offload shares worth Rs 161 crore and Rs 120 crore, respectively. March Capital and Bertelsmann India Investments will also participate in the OFS, cashing out Rs 95 crore and Rs 85.43 crore, respectively. Other participants include 500 startups, Agility Global, AFOS Group, Moore Strategic Ventures, and Sameer Mehta, among others. The co-founders, Gautam Kapoor and Saahil Goel, will also participate in the OFS, offloading shares worth Rs 144 crore each. Vishesh Khurana, another co-founder, will sell shares worth Rs 36.93 crore. Shiprocket plans to use Rs 505 crore from the IPO proceeds to scale its platforms, with Rs 294 crore allocated for marketing and Rs 211 crore to strengthen its technology infrastructure. Additionally, Rs 210 crore will be used for debt repayment, with the remaining proceeds for inorganic growth and general corporate purposes. As of the UDRHP filing, Bertelsmann India Investments is the company's largest shareholder with a 21.32% stake, followed by Tribe Capital with 14.14%. Eternal (formerly Zomato) and Temasek hold 6.85% and 5.29% stakes, respectively. Co-founders Saahil Goel and Gautam Kapoor each own 4.84%, and the ESOP pool accounts for 8.48% of the shareholding. Financially, the Gurugram-based company reported a 15% YoY rise in operating revenue to Rs 942.6 crore in the first six months of FY26. It also narrowed losses by nearly 10% to Rs 38.3 crore. In FY25, Shiprocket's revenue grew to Rs 1,632 crore, with the company becoming EBITDA cash positive at Rs 7 crore, compared to an EBITDA burn of Rs 128 crore in FY24.

Moneyview reports Rs 210 Cr profit on Rs 2,373 Cr revenue in 9M FY26

EntrackrEntrackr · 11d ago
Moneyview reports Rs 210 Cr profit on Rs 2,373 Cr revenue in 9M FY26
Medial

Moneyview reports Rs 210 Cr profit on Rs 2,373 Cr revenue in 9M FY26 Digital lending platform Moneyview has filed its DRHP with the Securities and Exchange Board of India (SEBI) for its upcoming IPO. The financial statements show that the company recorded strong numbers during the nine-month period ending December 2025. Significantly, the Bengaluru-based firm reported a profit of Rs 210 crore in the same period. Moneyview recorded operating revenue of Rs 2,373 crore during the nine months of FY26, according to its financial statement included in its draft red herring prospectus. Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Moneyview operates a credit-led digital financial services platform offering personal loans, credit score tracking, and insurance distribution. Revenue from fees and commission accounted for 35% of the income at Rs 724 crore while the company generated Rs 206 crore from interest income. Including other income, the company’s total revenue stood at Rs 2,408.5 crore in the same period. On the spending side, impairment on financial instruments accounted for 35% of the total cost at Rs 724 crore during the period. Finance cost followed at Rs 460 crore, while promotional expenses stood at Rs 315 crore. Employee benefit expenses came in at Rs 206 crore, and other expenses added Rs 368 crore. Overall, the firm’s total expenses stood at Rs 2,080 crore during the period, with an expense-to-operating revenue ratio of 0.88. Moneyview reported a net profit of Rs 210 crore during the nine-month period ending December 2025. The company’s EBITDA stood at Rs 712.5 crore with an EBITDA margin of 30.03%. On the balance sheet side, the company reported total assets of Rs 7,719 crore. The company also held Rs 835 crore in cash and bank balances while total current assets stood at Rs 5,880 crore. Moneyview’s IPO will comprise a fresh issue of equity shares worth Rs 1,500 crore, along with an offer for sale (OFS) of up to 13.6 crore equity shares by existing shareholders. The company’s co-founder Puneet Agarwal will participate in the OFS alongside several early investors including Accel, Ribbit Capital, and Apis Partners.

Agritech firm Waycool lays off more than 200 employees

EntrackrEntrackr · 1y ago
Agritech firm Waycool lays off more than 200 employees
Medial

Agriculture supply chain firm Waycool has laid off over 200 employees across departments as the company eyes profitability. This is the third round of layoffs at the Chennai-based company. “Each of WayCool’s businesses is executing their plans to get to profitability. As part of this, roles and structures are further simplified and automated. This will be a continual process,” said a Waycool spokesperson. The company did not comment on the number of employees being fired. The previous two firings took place in July 2023 and February this year in which more than 370 employees were given pink slips. Moneycontrol, which reported the development first, said that the layoffs have impacted employees across Chennai, Bengaluru and Hyderabad, and its two subsidiaries: CensaNext and BrandNext. As per Entrackr sources, Waycool was negotiating a fresh round to the tune of 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. Waycool has raised around $160 million in funding to date from Lightrock, International Finance Corporation, FMO, and 57 Stars, among others. Earlier this week, Entrackr had highlighted Waycool’s struggle to scale and failing to raise a new round. While the company is yet to file its annual report for FY24, it registered 62% growth in its operating revenue to Rs 1,251 crore in FY23 from Rs 772 crore in FY22. The firm continued to bleed as its losses surged by 89% to Rs 685 crore in FY23. 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 FMCG companies. This is the second major layoffs in the agritech space after ReshaMandi which sacked almost 80% of its workforce. Agritech was one of least funded segments during the first half of 2024. As per data compiled by TheKredible, agritech startups raised only $94 million across 22 deals, accounting for only 1.34% of the overall fundraise during H1 2024.

Yubi Group raises Rs 411 Cr in new round

EntrackrEntrackr · 3m ago
Yubi Group raises Rs 411 Cr in new round
Medial

Yubi Group raises Rs 411 Cr in new round Fintech platform Yubi Group has raised Rs 411 crore (around $46.3 million) in a new funding round which includes a long-term structured debt facility and Rs 336 crore (around $37.9 million) in equity from EvolutionX Debt Capital. Founder and CEO Gaurav Kumar has also invested Rs 75 crore, taking his total equity investment in the company to more than Rs 330 crore ($37.2 million). The proceeds will be used to expand operations in Southeast Asia and the US, strengthen Yubi’s presence in the Middle East, and increase investment in its AI products. It will also support global expansion and the scaling of Yubi’s operating system for financial services. Yubi claims to have facilitated more than Rs 3.2 lakh crore in debt and enabled over 48 lakh transactions. The company works with more than 17,000 enterprises and over 6,200 lenders and investors. Yubi Group is an AI-powered operating system for financial services founded in 2020. Its core AI suite, YuVerse, powers Yubi, Accumn, Spocto X, and YuCollect, which together offer lending, underwriting, and collections solutions. To date, Yubi has raised over $296 million, including a $135 million Series B round that brought it to unicorn status. The company counts Vivitri Capital, Peak XV Partners, TVS Capital, Lightspeed, B Capital, Lightrock, Insight Luxembourg, and others among its investors. As per TheKredible, Yubi’s revenue from operations rose to Rs 660 crore in FY25 from Rs 484 crore in FY24. Consequently, Yubi reported a net loss of Rs 416 crore for the fiscal year.

Fambo raises Rs 21.55 Cr Series A round led by AgriSURE Fund

EntrackrEntrackr · 4m ago
Fambo raises Rs 21.55 Cr Series A round led by AgriSURE Fund
Medial

Fambo, a Noida-based food solutions startup, has raised Rs 21.55 crore in a Series A round led by AgriSURE Fund (managed by NABVENTURES Limited), with participation from EV2 Ventures. This is Fambo’s second fundraise in 2025, following a Rs 21 crore round in January backed by EV2 Ventures and individual investors. The proceeds will be used to expand into new regions, diversify product lines, grow its team, and upgrade its technology systems. Founded in 2022, Fambo supplies fresh produce and semi-processed food products to the HoReCa segment. It claims to serve over 1,000 restaurants and cloud kitchens across North and Central India, including McDonald’s, Burger King, Burger Singh, California Burrito, Nomad Pizza, and Barbeque Nation. Fambo works with a farm network covering 75 acres of GAP-certified farmland. It supports farmers from crop planning through procurement, ensuring traceability. The company operates a temperature-controlled supply chain for chilled and frozen delivery, supported by AI-based logistics planning. The startup runs a processing facility in Noida where it produces semi-processed ingredients. It collaborates with food brands through an in-house team of chefs to co-develop menu components. Fambo competes with food-service suppliers such as WayCool Foods, FreshToHome (B2B), and Ninjacart, focusing on standardized ingredients for restaurants.

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