Chennai-based B2B food and agritech platform WayCool has raised around ₹210 crore (approximately $22.7 million) in a fresh funding round through a rights issue led by existing investor Lightrock India. The investment marks the company’s first major equity funding round in nearly four years and is aimed at supporting its ongoing efforts to strengthen operations and move toward profitability.
As part of the transaction, WayCool’s board allotted about 3.92 lakh equity shares to LR India Fund I S.a.r.l., SICAV-RAIF at an issue price of ₹5,347 per share. The capital infusion reflects continued backing from existing investors as the company focuses on improving operational efficiency and scaling its agritech platform.
Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool operates a full-stack agritech and food distribution platform that connects farmers directly with retailers, food brands, and institutional buyers. The company uses technology to manage agricultural sourcing, distribution networks, and food processing, aiming to create a more efficient supply chain from farm to market.
The startup works with more than 85,000 farmers through its digital engagement platform called Outgrow. In addition to supplying fresh produce and staples to businesses, WayCool also sells consumer products under several in-house brands including Madhuram, KitchenJi, L’exotique, and Freshey’s.
Prior to this round, the company had raised approximately $183 million from investors such as International Finance Corporation, FMO, Lightrock, and 57 Stars. It also secured venture debt funding of about ₹110 crore from Grand Anicut and previously raised ₹38.2 crore in a funding round led by Trifecta Capital with participation from Alteria Capital and Stride Ventures.
WayCool has undergone significant operational changes over the past two years as it works toward financial sustainability. The company reduced its workforce by more than 200 employees in 2024 as part of restructuring efforts, and co-founder Sanjay Dasari stepped down later that year. These changes were aimed at streamlining operations and focusing on long-term profitability.
The latest funding comes at a time when India’s agritech sector is experiencing renewed investor interest as companies seek to modernize agricultural supply chains through digital platforms, data-driven logistics, and direct farm-to-business marketplaces. With agriculture remaining one of India’s largest economic sectors, startups like WayCool are playing an increasingly important role in improving efficiency, reducing waste, and strengthening connections between farmers and large buyers.
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