WayCool in talks with PEs to raise $25 million

WayCool Foods and Products, a fresh-produce distribution startup, is in discussions with private equity funds to raise about $25 million (Rs175 crore) in its series D fundraising.

The Chennai-based startup is in early stages of talks with food and agri-focused global funds and impact funds, according to two people aware of the development.

Aspada Investment Advisors, an early-stage VC firm, holds about 26% stake in WayCool. The promoters have hired Veda Corporate Advisors to find a potential investor.

The proposed fund will be used for expanding to into markets like Andhra Pradesh, Telengana and Maharashtra.

WayCool sources fruits and vegetables from farmers and aggregators and sells to clients such as hotels, restaurants, schools, kirana stores and institutional canteens.

With an annual revenue of Rs 130 crore, WayCool handles around 100 tonnes of fruits and vegetables a day.