Grand Anicut's INR 100 Cr Debt Is Captured by WayCool

Waycool, the Chennai-based agriculture supply chain startup, has raised Rs 100 crore (approximately $12 million) in debt funding from Grand Anicut. In the past two years, this is the company's first significant infusion. According to the board's regulatory filing obtained from the Registrar of Companies (RoC), it plans to raise Rs 100 crore or $12 million by issuing 1,000 Series B6 debentures at an issue price of Rs 10,00,000 per. With a duration of 18 months, the debt has an annual coupon rate of 18%. According to the documents, the corporation intends to use the money for continuing commercial activities. For Waycool, this financing deal represents a major victory because the business has had difficulty raising capital in an equity round.

Founded by Jayaraman KarthikWith an eye toward profitability by July of this year, the corporation also fired 200 employees across divisions in an effort to reduce costs. In FY23, Waycool's operating revenue increased by 62% to Rs 1,251 crore, but its losses increased by 89% to Rs 685 crore in the same time. It has not yet submitted its FY24 annual report. The lack of equity funding for agritech businesses is emphasized by Waycool's debt financing. Notably, over the previous several years, three companies—Waycool, Dehaat, and Ninjacart—have been on the verge of becoming unicorns. Still, the industry hasn't produced its first unicorn. TheKredible, a startup data analytics platform, reports that in 2024, agritech will continue to be among the least financed industries, with over 30 firms raising just $150 million.