Agritech startup WayCool has raised ₹210 crore (around $22.7 million) through a rights issue from existing investor Lightrock India. The funding marks the company’s first major equity investment in nearly four years.
The fresh capital will help the Chennai-based company strengthen its agritech supply chain platform and support its long-term growth strategy.
Funding Details
According to filings with the Registrar of Companies (RoC), WayCool’s board approved the allotment of 3.92 lakh equity shares to LR India Fund I S.a.r.l., SICAV-RAIF (Lightrock).
The shares were issued at a price of ₹5,347 per share, raising a total of ₹210 crore.
Although the company’s latest valuation has not been disclosed, WayCool was previously valued at around $700 million in its last equity funding round.
Previous Funding and Capital Raised
Before this round, WayCool had already raised significant capital from global investors.
Key funding milestones include:
- ₹110 crore debt funding from venture debt firm Grand Anicut in 2025
- Total funding of approximately $183 million from investors including:
- Lightrock
- International Finance Corporation (IFC)
- FMO
- 57 Stars
- Lightrock
The new rights issue further strengthens WayCool’s capital base as it focuses on scaling its agritech operations.
About WayCool
Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool operates a full-stack agritech platform.
The company connects farmers directly with retailers, food brands, and institutional buyers, helping streamline agricultural supply chains.
WayCool’s business model includes:
- Farm sourcing and procurement
- Food distribution and logistics
- Food processing capabilities
- Agricultural supply chain management
Through its technology-enabled platform, the company aims to improve efficiency and transparency in the agricultural ecosystem.
Operational Challenges and Restructuring
Despite its growth ambitions, WayCool has faced operational challenges in recent years.
In July 2024, the company laid off more than 200 employees across departments as part of its efforts to improve profitability.
This was the company’s third round of layoffs.
Later in December 2024, co-founder Sanjay Dasari stepped down from his role after nearly a decade with the company.
The company has also not yet filed its financial results for the last two fiscal years.
In FY23, WayCool reported:
- Revenue: ₹1,251 crore
- Loss: ₹685 crore
These numbers reflect the challenges agritech startups face while scaling operations and managing supply chain complexity.
Agritech Funding Picking Up Again
WayCool’s latest funding comes at a time when the agritech sector in India is witnessing renewed investor interest.
Several agritech startups have raised significant capital recently.
Examples include:
- Arya.ag raising ₹725 crore ($80.3 million)
- AgroStar securing $30 million in funding
- Unnati merging with Gramophone to strengthen market presence
These developments indicate a broader trend of consolidation and scale-building in the agritech industry.
Conclusion
With the new ₹210 crore investment from Lightrock India, WayCool is reinforcing its position in India’s agritech ecosystem.
The company aims to continue improving agricultural supply chains by connecting farmers directly with markets and strengthening food distribution infrastructure.
As agritech funding activity increases again, companies like WayCool will play a crucial role in modernising India’s agricultural supply chains and improving efficiency across the sector.
