WayCool Foods, a Chennai based agritech startup, has now secured $5.5 million in the funding from IndusInd Bank via a debt financing as a part of its Series C round.
The transaction was guaranteed by the Development Finance Corporation – American Development Bank.
DFC offers financing to address critical challenges across the emerging markets across the globe. According to a report, the loan is to be deployed through the IndusInd bank impact investing division, which will be supporting WayCool Foods expansion plans as well.
Commenting on the investment, Karthik Jayaraman, Co-founder, and CEO, WayCool Foods, said,
“WayCool has been steadily building necessary technology and operational capabilities to operate robust agrifood supply chains from soil to sale. We welcome DFC and IndusInd Bank as partners in this journey, and believe that this partnership is an endorsement of WayCool’s ability to lead transformation within the sector.”