Chennai-based WayCool Foods & Products Private Limited, one of the country’s leading agri-commerce firms, has raised $25 million through equity with investments led by 57 Stars LLC, a Singapore-based independent global alternative investment firm targeting high-growth sectors driven by technological innovation.
The investment is part of a $40 million investment received by WayCool from 57 Stars along with participation from its existing investors. The remaining part of the investment will be treated as debt.
The investment is the first transaction for 57 Stars’ Direct Impact Fund and the second investment for 57 Stars Global Innovation Fund 2 (“GIF 2”), a statement by the investing firm from Washington said.
57 Stars’ said its investment in WayCool is its firm commitment to sustainable development and its investing strategy.
“The Indian agricultural market’s fragmented structure separates farmers from end-markets through multiple intermediaries. WayCool delivers efficiencies for all stakeholders, from soil to sale,” said Amit Chandra, 57 Stars’ Managing Director.
Chinna Pardhasaradhi, CFO, WayCool, said: “We are happy to partner with 57 Stars in the next phase of our journey. This investment illustrates the continuing confidence of mature global investors in fundamentally sound businesses delivering lasting impact.”
Gene Pohren, 57 Stars Co-Founder and Managing Director, said: “We believe our investment in WayCool is highly impactful, generating significant positive social and environmental outcomes at scale and addressing massive challenges in the food supply chain, where an estimated 30% of food is wasted before it reaches the end-consumer.”
June 22, 2022