WayCool Foods raises Rs 120 crore to fund expansion

City-based startup WayCool Foods on Tuesday said it has raised Rs 120 crore by combination of equity and debt from angel investors, institutional lenders, including from Northern Arc Capital and Caspian, to fund expansion plans.

The company, set up in 2015, operates full-stack, broadline product range across multiple channels and categories like fresh produce, staples and dairy.

"WayCool Foods aims to use the funds to further scale up operations across south and western parts of the country...," a press release said here. "We are committed to open and operate three locations after our last institutional fund raise - we are currently operating in 13 locations. WayCool takes pride in the fact that over 70 per cent of our tonnage is sourced directly from the farmers," co-founder of the company, Sanjay Dasari said.

Veda Corporate Advisors were the exclusive financial advisor to WayCool for the fundraising, it said.