WayCool secures $5.5 m from IndusInd Bank guaranteed by DFC

By: |
June 11, 2020 9:28 AM

Karthik Jayaraman, co-founder, and CEO, WayCool Foods said, “WayCool has been steadily building necessary technology and operational capabilities to operate robust agri-food supply chains from soil to sale.

It follows the Series C round of $32millionled by Lightbox earlier this year.

CHENNAI-BASEDAGRI-TECH start-up WayCool Foods has received $ 5.5 million in debt financing from IndusInd bank guaranteed by US International Development Finance Corporation (DFC). In a statement,WayCool on Wednesday said that DFC has extended a 100% guarantee to the company’s latest round of fund raise of $ 5.5 million
through debt financing from IndusInd Bank. It follows the Series C round of $32millionled by Lightbox earlier this year.

Setuka Partners LLP was the advisor to the current transaction. The loan is to be deployed through IndusInd Bank’s
Impact Investing division, which will support WayCool Foods’ expansion plans. Way- Cool Foods plans to use the
funds to introduce advanced technology, implement strict hygiene measures and increase transportation efficiency to reduce food spoilage.

Karthik Jayaraman, co-founder, and CEO, WayCool Foods said, “WayCool has been steadily building necessary
technology and operational capabilities to operate robust agri-food supply chains from soil to sale. We welcome DFC and IndusInd Bank as partners in this journey and believe that this partnership is an endorsement of WayCool’s
ability to lead transformation within the sector.”

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