WayCool Raises Rs 100 Crore in Debt from Grand Anicut
- ByStartupStory | October 1, 2024
Agriculture supply chain startup WayCool has raised Rs 100 crore in debt financing from Grand Anicut, according to filings with the Registrar of Companies. The fresh capital will help the company navigate its current challenges, particularly as it deals with reduced financing options and difficulties in securing new funds.
The board of WayCool approved the capital infusion through the issuance of 1,000 Series B6 debentures, priced at Rs 10 lakh each, to raise Rs 100 crore. The debentures carry a coupon rate of 18% per annum and have a maturity period of 18 months. The company plans to use the funds for refinancing its existing borrowings and for working capital needs.
This debt round comes at a critical time for the Chennai-based company, which is grappling with financial pressures. In June 2024, WayCool conducted a round of layoffs that affected over 200 employees as part of its effort to achieve profitability. A report by Moneycontrol revealed that the company had postponed employee salaries and did not process June payslips. Payments from clients were also delayed, while pending dues to vendors—including millers, logistics partners, and service providers like SGS—further added to the strain on the company.
Founded by Karthik Jayaraman and Sanjay Dasar, WayCool initially operated a B2C model before shifting its focus to a farm-to-fork B2B model in 2019. The platform sources fresh produce, such as fruits and vegetables, from small-hold farmers and aggregators, distributing through multiple channels. WayCool utilizes innovative technology to manage its complex supply chain operations.
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