WayCool Foods: Agritech firm WayCool Foods lays off over 200 employees

Agritech startup WayCool Foods has let go of over 200 employees in its third round of layoffs in roughly a year, sources in the know said.The firm confirmed the job cuts but did not disclose how many employees were impacted, calling the changes a part of its “plans to get to profitability“. “As part of this, roles and structures are further simplified and automated. This will be a continual process,” it added. The company also conducted layoffs in July last year and February this year, according to media reports.

WayCool also confirmed the exit of B P Ravindran, who headed its FMCG subsidiary BrandsNext, which houses several brands like Madhuram, Kitchenji and Freshey’s, among others. In April last year, WayCool had set up BrandsNext to focus on the packaged food segment.

“(The) Company’s focus continues to be on the growth of brands and their establishment as true consumer brands. 45% of its revenues in FY24 came from brands, the share continues to increase,” the firm said in a statement on Friday.

News portal Moneycontrol was the first to report on the layoffs and management change.

According to media reports, WayCool is in talks to raise $40 million in an internal round led by existing investor Lightrock. The firm said it has “received 75% of the capital from its bridge round and will complete the round by August.”

The firm’s existing investors include Lightbox Ventures, Redwood Equity Partners, Huruma Fund, Innoven Capital and World Bank-backed International Finance Corp. According to Tracxn, it has raised a total of $341 million in funding to date. Founded by Sanjay Dasari and Karthik Jayaraman in 2015, the company started off as a supply chain business for agriculture products, before venturing into the packaged consumer goods space.