- WayCool Foods is in the process of raising $40 million through a rights issue, with Lightrock as the anchor investor.
- The funding round has garnered significant interest from institutional investors and family offices, with indications that it is close to being fully subscribed.
- Over the last 18 months, WayCool underwent business restructuring, transitioning from a supply chain business for agricultural products to a consumer packaged goods space, focusing on brands like Madhuram, Kitchenji, Freshey’s, and BrandsNext.
- Despite losses widening to Rs 360 crore in FY22, WayCool reported revenue from operations surging to Rs 927 crore. The company aims to achieve break-even in the first quarter of FY24.
- WayCool is strategically positioned in over 850 towns in South India, holding a dominant market position in many areas. The company emphasizes its commitment to regional focus and continual efforts to introduce new and innovative products.