Waycool is starting a new round with a valuation of $ 335 million

Agritech startup Waycool has started a new round as the company raised Rs 96 billion, or nearly $ 13 million, as part of its Series D round. This is the second fundraiser for the Chennai-based company this year.

In April it had raised $ 20 million from existing investors such as Lightstone, Lightbox Ventures and the Dutch FMO Development Bank. The company has passed a special resolution to allot 28,794 Series D preferred shares at an issue price of Rs 33,17,462 to raise Rs 96 billion from LGT Group (formerly Aspada).

Corresponding TrickypediaSources, the company is in late-stage talks to raise over $ 50 million in the Series D round from new and existing investors. “Its valuation is likely to exceed $ 400 million to $ 450 million this round,” said one of the sources calling for anonymity.

TrickypediaEstimates show the company was valued at around Rs 2,510 billion, or $ 335 million after receipt of funds, at LGT Group’s most recent infusion. Waycool was valued at nearly Rs.1,450 billion, or $ 200 million, in funding its Series C funding round earlier this year.

Questions to Waycool regarding the size of the new round will remain unanswered until this story is published. We will update the story as soon as they reply.

Aside from the fundraiser, the agritech company has also made a resolution to add 40,000 shares to its existing ESOP pool. The new pool of stock options is now valued at around Rs. 270 billion and the board of directors has recommended Waycool ESOP Trust to provide Waycool ESOP Trust with a loan to purchase these stocks.

WayCool was founded in 2015 by Karthik Jayaraman and Sanjay Dasari and connects farmers and food producers with restaurants and hotels, among other things. The company has a network of 50,000 farmers and, according to its website, processes 350 tons of food every day for more than 18,000 customers.

While Waycool is not yet required to file annual financial statements for FY21, its operating income had exceeded Rs.241 billion for the first three quarters of FY21 and is expected to reach Rs.393 billion for the full fiscal year. It competes with NinjaCart and Udaan, Zomatos HyprePure, vegetables among several others.