WayCool Foods, an agritech startup, has raised $117 million in Series D funding.

Fresh produce distribution company WayCool raises $117 million in Series D funding. It surpasses DeHaat's $115 million Series D round to become India's largest agritech fundraising round yet. WayCool plans to accelerate deep-tech automation and expand its reach in western India and West Asia.

WayCool Foods, an agritech startup, has raised $117 million in Series D funding.

WayCool, a fresh produce distribution company, raised $117 million in Series D funding from LightRock, LightBox, FMO, Lightsmith, IFC, Redwood Equity Partners, and Gawa Capital, surpassing DeHaat's $115 million Series D round to become India's largest agritech fundraising round to yet.

In its goal to construct the world's most complete food and agro platform, WayCool will use the new funding to accelerate deep-tech automation. It also has plans to expand its reach in western India and West Asia.

"We raised a total of $117 million in our Series D as a combination of stock (80%) and debt (20%)," said Karthik Jayaraman, CEO and co-founder of WayCool Foods. We're excited to have found like-minded partners who understand the subtleties of our industry and are dedicated to not only our growth but also our mission. The distribution of funds has already begun. In our effort to establish the world's most comprehensive food and agro platform, our first objective would be to deepen and broaden our technology and automation."

WayCool has started construction on its next-generation technology centre in Bengaluru, which will expand the tech platform and include AI and analytics layers. The IT centre will also include robotics, IoT, and automation labs. WayCool also wants to expand its platform to include additional food categories and improve its private labels, notably in the value-added food sector.

Karthik Jayaraman and Sanjay Dasari created WayCool in 2015, a multichannel fresh produce company that distributes farm-sourced fruits, vegetables, and other products to multiple retail stores. The agritech startup has over 16,500 clients and operates 27 distribution centres across the South, according to its website.

Over 50k farmers dispersed over the country's 50 geographical areas, it now processes over 350 tonnes of food commodities every day.