Food-tech start-up WayCool Foods & Products is planning to raise ₹120 crore in the next few months.
The Chennai-headquartered firm had thus far raised a total of $20 million. The three-and-a-half year firm had earlier this year raised ₹120 crore in a pre-Series B round.
Going forward, the “Series B will be something equivalent or may be slightly larger [than ₹120 crore],” co-founder Sanjay Venkat Dasari told the media here on Thursday.
WayCool Foods & Products is pursuing expansion plans that would see it make a foray into more cities and handling more products. Over the next two years, the target would be to grow five times the tonnage – from existing 200 tonnes, client base and revenue. The company’s revenue was about ₹300 crore and provided employment to nearly 1,000 people, both direct and indirect.
Recently, the company had acquired the physical distribution business of Aalgro Foods Pvt. Ltd, a Bengaluru-based B2B company, in fruit retail packing and distribution space.
WayCool, which works with 35,000 farmers across more than 50 regions in India, is also considering setting up a food processing unit in Andhra Pradesh.
