WayCool Foods, the agri-commerce company, has crossed the Rs 1,000 crore ARR (Annual Recurring Revenue) milestone and is well on the path to expanding into newer markets. WayCool will be expanding its reach into western India and the Middle East.
Implementing deep tech and automation has enabled WayCool to successfully create a world-class, sustainable supply chain. Apart from increasing the overall efficiency by 3x, advanced technology has also allowed WayCool, even in pandemic conditions, to service its base of 100,000 customers across the retail space, HoReCa, and other verticals with fresh produce, staples, and dairy products.
Further, the company now works with a base of 80,000 farmers across south India, not just through its commercial partnerships but also through its agricultural extension program, Outgrow, to increase its income by as much as 30 percent. The company recently launched an upgraded version of Outgrow, its multilingual app that provides a range of services to its farmers, such as soil testing, AI-based disease identification, market price benchmarks, weather inputs, and videos that share good agricultural practices.
Karthik Jayaraman, Chief Executive Officer and Co-Founder, WayCool Foods & Products Pvt Ltd, said, “We have achieved many milestones this year despite the challenges, and have crossed an ARR of Rs 1,000 crore in June. This represents a 4X growth over the same time last year and puts us on track to achieving our annual revenue goals. We have also increased our customer base by 4x in the last 1 year. Over the next few years, we plan to further invest in, and leverage deep tech and automation to enhance our efficiency. We will also be expanding our sales footprint to Western India and the Middle East.”
Elaborating on expanding reach to Western India and the Middle East, he added, “Entering western India specifically Maharashtra is a logical next step since we anyway work deeply for sourcing in Maharashtra and have one of our strongest bases there. Separately, the Middle East has had deep relationships with India for millennia and is keen to build food security. India is the natural partner for the Middle East in this quest. Given WayCool's strong sourcing networks coupled with our next-gen tech integrated supply chain, we believe we are well-positioned to fulfill the region’s requirements. In addition, the large Indian diaspora becomes a natural market for our products.”
At WayCool, many unique methods have been adopted in order to increase efficiency such as - Intelligent cross-docking for dry groceries, AI-led grading of grains and pulses, and robotised handling of fresh produce. All of these have helped save 70 percent on working hours making WayCool 50 percent more efficient than the industry standards.
“These innovations and many more will help us further streamline our state-of-the-art supply chain and add more farmer partners. Currently, our productivity per team member is 1.5 times that of the industry average. Our target is to take this up to 5X. To do this, our focus will be on further expanding our technology in automated grading and sorting, as well as robotized material handling. We will also be investing in highly automated dry grocery warehouses to dramatically improve pick accuracy, pick velocity, and productivity in the dry grocery supply chain as well,” Karthik further stated.
In order to sustain the momentum and grow to the next phase, WayCool will also be expanding its workforce from 1,250 to 3,000 (growing at 2.5X) in the next few years.