The funding will be used to refinance existing debt and support working capital needs as WayCool navigates operational challenges and aims for long-term stability.

Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool operates across multiple verticals, including food distribution and supply chain solutions. The company markets food products under brands like Madhuram, KITCHENji, DeziFresh, and Freshey’s.

Despite showing strong revenue growth, with FY23 revenue reaching INR 1,251 Cr (a 62% increase from FY22), WayCool has faced difficulties in maintaining profitability. Net losses for FY23 rose by 88.7% to INR 685 Cr, up from INR 363 Cr in FY22. The company has also undergone significant restructuring, laying off 270 employees between January and July 2023 in a bid to streamline operations.

WayCool has struggled to secure new equity funding due to the ongoing funding winter. Last year, the startup was in talks to raise $50-$70 Mn at a valuation close to $900 Mn, but the round did not materialize.

With total funding of around $300 Mn to date and investors like Lightrock, Lightbox, and FMO, WayCool remains focused on stabilizing operations through this latest debt round while continuing to grow its FMCG arm, BrandsNext.

The post WayCool Secures INR 100 Cr Debt Funding from Grand Anicut to Strengthen Operations appeared first on The India Bizz Startup News Website.

The post WayCool Secures INR 100 Cr Debt Funding from Grand Anicut to Strengthen Operations appeared first on The India Bizz Startup News Website.