The investment will allow both firms to leverage their strong supply chain eco-systems and boost the quality and supply of potato seed, storage and processing across India.
India’s domestic demand for potatoes has slowly increased over the last few decades. India’s daily consumption of potatoes stands at 1.25 lakh tonnes per day and is growing at a steady pace making it the fourth largest food crop grown in the country.
Owing to the association with a Dutch cooperative, Agrico, SV Agri boasts of providing domestic farmers with some of the best-in-class Potato seeds.
With the investment from WayCool, SV Agri will look to introduce a wide variety of seed potato and further expand their existing storage solutions while also gaining access to WayCool’s strong network in South India and international markets.
Leveraging both supply chains will enable the companies to increase the production of high quality potatoes for Indian consumption and as well as meet global demands. SV Agri plans to introduce a new low glycemic variant of potatoes called ‘Carisma’.
The new variant scores 58 points on the glycemic index as opposed to the available potato variant that scores 80 points. ‘Carisma’ has been well received in health-conscious markets abroad and is soon to make an entry into the Indian market.
Hemant Gaur, co-founder of SV Agri Processing, said, “We see a great demand for high quality potatoes in southern India and see an opportunity to leverage our expertise to quell the demand with the help of our collaboration with WayCool.”
Karthik Jayaraman, CEO-Co-Founder, WayCool Foods & Products, said, “We are making a ‘Keiretsu’ in agri-commerce. This investment is another step towards that. We look to invest in like-minded companies that bring in diverse expertise and create mutual synergies.”