B2B-B2C Company WayCool Bags INR 100 Cr Debt Funding to Enhance Operations
B2B-B2C startup WayCool has successfully raised INR 100 Cr (approximately $11.9 Mn) in debt funding from Grand Anicut. This capital infusion comes through the issuance of 1,000 Series B6 debentures at an issue price of INR 10 Lakh each, carrying a coupon rate of 18% per annum with an maturity period of 18 months. The fresh capital is intended for refinancing existing borrowings and enhancing working capital.
Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool operates with seven distinct food product labels and offers comprehensive supply chain solutions. Despite a significant net loss of INR 685 Cr in FY23, representing an 88.7% increase from the previous year, the company's revenue surged 62% to INR 1,251 Cr. This funding makes a critical impact as the company continues to streamline operations, having already reduced its workforce by 270 staff in 2023 and around 300 last year.
WayCool's technology-driven approach positions it uniquely within the B2B-B2C agritech sector, even as it navigates funding challenges, including a negotiation for $50-$70 Mn at a valuation near $900 Mn.
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