Chennai-based B2B meals and agritech platform WayCool has raised Rs 210 crore (about $22.7 million) in funding by means of a rights situation led by current investor Lightrock India, marking its first main fairness funding spherical in almost 4 years.

In accordance with filings with the Registrar of Corporations (RoC), WayCool’s board allotted 3.92 lakh fairness shares to LR India Fund I S.a.r.l., SICAV-RAIF at a difficulty value of Rs 5,347 per share on March 6.

Based in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool operates a full-stack agritech platform that connects farmers instantly with retailers, meals manufacturers and institutional consumers.

The startup focuses on enhancing agricultural provide chains by means of sourcing, distribution and meals processing capabilities. It really works with greater than 85,000 farmers by means of its engagement platform Outgrow and sells contemporary produce, staples and dairy merchandise below a number of client manufacturers together with Madhuram, KitchenJi, L’exotique and Freshey’s.

The corporate has raised about $183 million in funding previous to this spherical from traders together with Lightrock, Worldwide Finance Company, FMO and 57 Stars. It additionally secured Rs 110 crore in enterprise debt from Grand Anicut final yr and earlier raised Rs 38.2 crore in a spherical led by Trifecta Capital with participation from Alteria Capital and Stride Ventures.

WayCool has confronted operational challenges in recent times. The startup laid off more than 200 employees in July 2024 as a part of efforts to maneuver in direction of profitability. This was adopted by the resignation of co-founder Sanjay Dasari in December 2024. Its chief individuals officer and head of distribution Alex Augustine additionally stepped down earlier.