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New Delhi, Feb 7 () Chennai-based WayCool Foods has raised USD 32 million (about Rs 228 crore) in a combination of equity and debt, led by Lightbox. The series C round also saw participation of Dutch entrepreneurial development bank FMO and current investor, LGT Lightstone Aspada, a statement said. The company has also partnered with InnoVen Capital to raise venture debt as part of this round, it added. Veda Corporate Advisors was the exclusive advisor to the transaction. WayCool Foods procures, processes and distributes food products including fresh produce, staples and dairy products to 8,000 enterprise clients across southern India. It has a base of nearly 40,000 farmers. The company said it will use the funds raised to automate its supply chain and build the next layer of data analytics required to strengthen supply chain efficiency. It will also develop and expand its range of value-added products to enterprise and retail customers, it added. "We are committed to building a lean, efficient and profitable enterprise that makes social impact an integral part of its operations. Lightbox's deep experience in technology and brand building will greatly help us as we strengthen our digital backbone, and our move into value-added products," WayCool co-founder and CEO Karthik Jayaraman said. He added that FMO's guidance will be of essence in building a culture of impact orientation across the organization and staying true to the course. WayCool is developing a range of branded products and currently has brands such as Freshey's, Kitchenji, Madhuram and Shuddha. It will also deploy the funds to deepen and widen 'Outgrow', its agricultural extension program. The company recently announced the set-up of its first Agricultural Research Station, where it will collaborate with multiple start-ups to bring the most relevant production technologies to its expanding farmer base. WayCool said it intends to accelerate its path to profitability and will focus on maintaining as well as further improving its lean, capital efficient model. The company previously raised two rounds of funding from Aspada, LGT Impact Ventures, Caspian Impact Investment, and Northern Arc Capital Ltd. SR RVK

Lightbox leads USD 32 mn investment in WayCool Foods

Chennai, June 10 () WayCool Foods, an agriculture and technology firm engaged in food development and distribution on Wednesday said it has received USD 5.5 million debt financing from IndusInd Bank. U S International Development Finance Corporation has extended a one hundred percent guarantee to the company's latest round of fundraising, a company statement said. Early this year, the company raised a Series C round of USD 32 million led by Lightbox. It also raised from LGT Lightstone Aspada, Caspian Impact Investment and Northern Arc Capital Ltd, it said. Setuka Partners LLP was the advisor to the current transaction, WayCool Foods said. The loan would be deployed through IndusInd Bank's Impact Investing division which would support the expansion plans of WayCool Foods. The company plans to use the funds to implement strict hygiene measures and increase transportation efficiency to reduce food spoilage and improve the yields to farmers among others. "WayCool has been steadily building necessary technology and operational capabilities to operate robust agri-food supply chains.. we welcome DFC and IndusInd Bank as partners in this journey..," WayCool Foods Co-Founder Karthik Jayaraman said. On their association with WayCool Foods, DFC Director- Social Enterprise Finance, Ajay Rao said, "we look forward to this collaboration during this critical times.." WayCool procures, processes and distributes a range of food products including fresh produce, staples and dairy products. The company engages with 40,000 farmers in more than 50 regions across the country, the statement said. VIJ ROH ROH

WayCool Foods receive USD 5.5 million debt financing from IndusInd Bank

<ul><li>In Chennai, <keyword id="4899766" type="PERSON" weightage="20" keywordseo="SunnyBee">Sunnybee</keyword> retail chain has opened a contactless check-out service at a grocery store.</li><li>Major retail outlets like Adidas, Puma, Decathlon too are encouraging contactless payments at their stores.</li><li>With the coronavirus pandemic, the idea of <keyword id="9188349" type="UNKNOWN" weightage="20" keywordseo="contactless-shopping">contactless shopping</keyword>, dining and payments has taken over. </li></ul>With the coronavirus pandemic, the idea of contactless shopping, dining and payments has taken over. Startups and businesses are bringing out new products that promise low or no contact for a safe experience. Chennai’s Sunnybee retail chain has opened contactless check-out service at a grocery store. Sunnybee has made a name for itself for its farm to store produce. Two years ago, in Kerala’s Kochi, a retail store Watasale had introduced the cashier-less shopping service. And in the times of the coronavirus pandemic, this seems to be the future of Indian retail. According to an EY report, <keyword id="6513856" type="UNKNOWN" weightage="20" keywordseo="kirana-stores">kirana stores</keyword> are now more inclined than ever to adapt technology. At Sunnybee’s store in Besant Nagar, Chennai, consumers at the shop can just scan and pay themselves instead of paying by cash or even interacting with a cashier at the counter. The <keyword id="6621728" type="UNKNOWN" weightage="20" keywordseo="Self-Checkout">self checkout</keyword> counter has a touchscreen panel and a billing printer too.The solution was put in place as consumers remain wary about multiple interactions at a store. “The self-checkout solution was designed, developed, and implemented in 15 days despite the lockdown. The initial response from customers is very positive and this is evident from their excitement to use the self-checkout counter every time they walk into the store,” said Sriram Sridharan, Business Head, SunnyBee Market. The hardware and software solution was built by WayCool Labs – the technology arm of the agritech startup WayCool Foods &amp; Products. But grocery is not the only sector adapting to technology. As malls open up across cities, <keyword id="395327" type="PERSON" weightage="20" keywordseo="retail-stores">retail stores</keyword> too are opting for similar products. Decathlon has also introduced a <keyword id="9577236" type="UNKNOWN" weightage="20" keywordseo="scan-and-go">Scan and Go</keyword> option for consumers in many of its stores in India. As a part of its newly launched experiential retail stores, Puma in India too is offering an ‘all digital experience’. In Bengaluru, Adidas has installed a self checkout counter where customers can scan the barcode to pay. “We are planning to expand it to more stores. This technology can be extended to small cities because consumers are actively using digital wallets and UPI platforms which have democratised contactless payment in all parts of the country," Manish Sapra, senior marketing director, Adidas India <a href="https://www.livemint.com/industry/retail/covid-19-impact-seasoned-sport-brands-turn-to-contactless-shopping-11592991043239.html">told Mint.</a> Mandar Agashe, MD of Sarvatra Technologies (a banking technology provider) believes that this digital transformation and self checkout stores will see more rapid adoption. “Building proper awareness and education around contactless payment besides undertaking other preventive measures can help us collectively combat the risks involved. This will also encourage India to bring a shift in their everyday habits, facilitating financial inclusion at a macro level,” said Agashe. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/walmart-powers-flipkart-with-more-capital-to-battle-google-facebook-and-amazon/articleshow/76960607.cms">Walmart powers Flipkart with an additional $1.2 billion⁠ to help e-tailer battle Google, Facebook, and Amazon</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-next-goal-seems-to-be-the-retail-king-of-india/articleshow/76953716.cms">Mukesh Ambani’s next goal seems to be the ‘retail king of India’</a>

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Lightbox leads USD 32 mn investment in WayCool Foods

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WayCool Foods receive USD 5.5 million debt financing from IndusInd Bank

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Scan and go stores crop up in India as contactless becomes key to shopping

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