WayCool launches FMCG entity ‘BrandsNext’ and appoints BP Ravindran as CEO

• ByStartupStory     |    April 22, 2023

WayCool, a startup backed by Lightrock, has announced the launch of BrandsNext, a new entity that will support its consumer products business. The company plans to implement its ‘soil to sale’ strategy through BrandsNext, which involves procuring products directly from farmers and selling them through the FMCG channel in urban areas and cities. The company has stated that BrandsNext will focus on the South Indian market. The entity will be headed by CEO B P Ravindran.

WayCool was founded in 2015 as a supply chain business for agricultural products. In 2018, the company expanded into the consumer packaged goods space with brands like Madhuram (a rice brand sourced directly from farms), Kitchenji (a staples brand), and Freshey’s (a line of ready-to-cook products). With the launch of BrandsNext, the company plans to further develop its consumer goods portfolio.

WayCool has undergone a transformation from a B2C to a B2B business model in order to achieve scalability. In 2019, the company acquired Benani Foods to enter the ready-to-cook segment. WayCool has received a total of $310 million in funding from investors such as Lightrock, Trifecta Capital, InnoVen Capital, and Stride Ventures. Its latest round of funding was an equity round of $25 million, which was led by 57 Stars LLC.

“We intend to be closer to consumption occasions of our consumers by mapping their need states and addressing their pain points,” said B P Ravindran, CEO of BrandsNext. “I am confident that the transformation to be carried out by BrandsNext will help us in the journey of building super brands in the commodity space that benefits every stakeholder in the ecosystem,” he added.

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