WayCool’s basket of consumer brands includes Madhuram, Kitchenji, L’exotique and Freshey’s.
WayCool, India’s leading food and agri-tech platform, is open to business partnerships as well as investment, said Karthik Jayaraman, managing director and co-founder of WayCool, who was recently in Dubai.
The startup has so far raised around $160 million and by 2023 the company aims to raise $250 million. WayCool had organized the Investor Program to attract investors and partners. The startup introduced itself to the UAE market at Expo 2020 and established itself in the country.
Focusing on the development and distribution of food products, the company relies on innovative technology to scale and operate a complex supply chain from ground to retail. Through its “Outgrow” farmer engagement program, the company works closely with 150,000 farmers.
WayCool operates a full range of products across multiple channels and categories such as fresh produce, staples and dairy, serving more than 100,000 customers in general commerce, modern commerce and foodservice. WayCool’s basket of consumer brands includes Madhuram, Kitchenji, The Exotic and Freshey’s, to name a few.
“We have already established our presence here in the UAE. Some of our products have been launched as pilots in this country and we are currently present in over 300 outlets across the UAE,” Jayaraman said.
“Our main objective is to build reliable and resilient supply chains in the industry. India and the United Arab Emirates have been partners for several decades and it is our responsibility to contribute to India’s food security partnership with the United Arab Emirates. The challenge lies in implementing an operational supply chain to strengthen the commercial relationship.”
The startup takes a multi-stakeholder approach to ensure the quality, consistency and reliability of the food supply. “In India, we have started growing exotic Indian vegetables like lettuce and broccoli in and around Bangalore. Since it is not necessary to import these vegetables, we save approximately 289 kg of CO2 saved per trip. Likewise, we encourage the growth of potatoes. in Assam to locate its supply. This way we are improving the local economy and reducing the carbon footprint in the process,” Jayaraman said.
For the United Arab Emirates, some products must be grown in container farms, others in polythene houses. Al Ain is an ideal location for this project.
“We recently announced an investment in our IoT sector. The technologies developed by the team will help in any agricultural poly-house, including predictive irrigation and predictive disease treatment. Similarly, we are talking about a prospect of potential investment in the hydroponics space. If successful, we will be able to bring indoor precision agriculture to our target geographies, including India and the United Arab Emirates” , concluded Jayaraman.