Chennai-based supply chain start-up WayCool has obtained US$5.5m through debt financing, which it plans to use to fund a number of improvements.
The company operates a technology-enabled distribution service connecting growers with customers in India. This latest injection from IndusInd Bank, guaranteed by the US International Development Finance Corporation (DFC), follows US$32m secured in a Series C round of funding earlier this year.
Karthik Jayaraman, co-founder and chief executive of WayCool Foods, told Livemint the funding will be used adopt more advanced technology, implement strict hygiene measures and improve food security by targeting transportation efficiency, reducing food waste and improving yields.
“WayCool has been steadily building necessary technology and operational capabilities to operate robust agri-food supply chains from soil to sale,” Jayaraman said.
“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."