Waycool Secures Rs 100 Cr Debt Financing In Agritech Funding Amid Challenges - Business Outreach
18 October 2024
Waycool, one of the best-known agriculture supply chain firms in Chennai, recently made headlines as it successfully concluded a series of debt financing of Rs 100 crore or $12 million with Grand Anicut. It’s quite some time since the first significant infusion of funds into the company since the last couple of years. Here is a strategic move by Waycool in strengthening its financials and maneuvering through the changing scenario of the agritech sector, and at a time when it has been facing funding issues.
The board of Waycool sanctioned the issuance of 1,000 Series B6 debentures at a value price of Rs 10,00,000 each and thus raised 100 crores in a successful regulatory way as confirmed by the regulatory filings accessed from RoC. On coupon rate, it remains competitive at 18% per annum with a tenure of 18 months, where money raised goes into supporting and expanding operations of the current business line of the company. According to its official filings. It feels like a big coup for Waycool, considering that the company has lately failed to get any equity funding for itself.
Founded by visionary duo Karthik Jayaraman and Sanjay Dasari, Waycool operates as one of the key players in the agritech domain, mainly source fresh produce-from dairy products to produce from farmers and distributing the same to retailers and restaurants. In addition, the company brands and distributes private label products, besides partnering with FMCG companies to help them manage their supply chain.
Waycool, one of the best-known agriculture supply chain firms in Chennai, recently made headlines as it successfully concluded a series of debt financing of Rs 100 crore or $12 million with Grand Anicut. It’s quite some time since the first significant infusion of funds into the company since the last couple of years. Here is a strategic move by Waycool in strengthening its financials and maneuvering through the changing scenario of the agritech sector, and at a time when it has been facing funding issues. The board of Waycool sanctioned the issuance of 1,000 Series B6 debentures at a value price of Rs 10,00,000 each and thus raised 100 crores in a successful regulatory way as confirmed by the regulatory filings accessed from RoC. On coupon rate, it remains competitive at 18% per annum with a tenure of 18 months, where money raised goes into supporting and expanding operations of the current business line of the company. According to its official filings. It feels like a big coup for Waycool, considering that the company has lately failed to get any equity funding for itself. Founded by visionary duo Karthik Jayaraman and Sanjay Dasari, Waycool operates as one of the key players in the agritech domain, mainly source fresh produce-from dairy products to produce from farmers and distributing the same to retailers and restaurants. In addition, the company brands and distributes private label products, besides partnering with FMCG companies to help them manage their supply chain.
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