Europe’s Huruma invests USD 11.6 million in WayCool Foods

Chennai

Europe’s leading impact investing fund, Huruma, managed by Gawa Capital, announced its investment of $11.6 mn in fastest growing agri-commerce company – WayCool Foods. This will be used to accelerate and leverage deep tech and automation at WayCool to enhance its efficiency multi-fold. “The company is revolutionising the way food is produced, distributed and consumed while benefitting some of the most vulnerable people in India. Farmers increase their income, kirana stores can improve their offering and low income consumer have access to more nutritious food with the added benefit of dramatically reducing food waste,” said Luca Torre and Agustin Vitorica, Co-CEOs, Gawa Capital. Chinna Pardhasaradhi, CFO, WayCool Foods said “Gawa is a veteran European impact investor into India, and together, we will explore building viable commercial and financing models in the food supply chain”. WayCool focuses on food development and distribution and leverages innovative technology to scale and operate a complex supply chain from soil to sale. Advanced tech has allowed business to grow 4X in revenue which is driven by a jump in share of own brands from 2% to 15% of revenue. It has raised its overall customer base by 10X and recently entered the Middle East market. The business already has operations in six states with over 40 distribution centres and is set to build a tech playbook to scale quickly.