WayCool secures $2.7 million from Aspada, to use it for expansion and technological upgradation

Fresh-produce distribution startup, WayCool, has raised $2.7 million from venture capital firm, Aspada Investments.

The funds raised will be used to expand to Bengaluru and Hyderabad as well as for building technological upgradations to reduce inefficiencies in the supply chain and supplement the Chennai-based company's existing infrastructure.

Karthik Jayaraman, Co- Founder, WayCool, said, “We are basically a supply-chain company that connects fresh produce from the farm to the consumers, who are primarily (business-to-business) clients, such as hotels, restaurants, caterers and so on.”

WayCool sources fruits and vegetables from farmers and aggregators. It focuses on optimising sourcing and transportation of fresh produce across distribution channels.

According to Kushal Agrawal, Partner, Aspada Investments, “Structural challenges in India's fresh produce supply chain comprises multiple intermediaries, leading to significant wastage of food, lower prices for farmers, and poor quality produce being sold at a relatively high prices.”