Agritech Firm WayCool Raises INR 210 Cr From Lightrock India

B2B food and agritech platform WayCool has raised INR 210 crore (about USD 22.7 million) through a rights issue from existing investor Lightrock India. The funding marks the company’s first significant equity raise in nearly four years, according to regulatory filings.

The company’s board approved the allotment of 3.92 lakh equity shares to LR India Fund I S.a.r.l., SICAV-RAIF, an investment vehicle linked to Lightrock. The shares were issued at a price of INR 5,347 each, as per documents submitted to the Registrar of Companies.

Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool operates a full-stack agritech platform designed to connect farmers directly with retailers, food brands and institutional buyers. Its operations include sourcing agricultural produce, managing distribution networks and supporting food processing, with the aim of improving efficiency in farm-to-market supply chains.

Before this round, the company had raised around USD 183 million from investors including Lightrock, the International Finance Corporation, FMO and 57 Stars.

The new funding comes after a period of internal changes at the firm. In July 2024, the Chennai-based agriculture supply chain company laid off more than 200 employees across several departments as part of efforts to move toward profitability.

Later in December 2024, co-founder Sanjay Dasari resigned after nearly a decade with the company.

WayCool has also not filed its annual financial results for the past two fiscal years. In FY23, it reported revenue of INR 1,251 crore and a loss of INR 685 crore.

The investment comes amid renewed activity in India’s agritech sector. Companies including Arya.ag, AgroStar and Unnati have recently raised capital or pursued consolidation.