Agricultural supply chain start-up WayCool Foods has drawn up plans to double its gross revenue to ₹2,000 crore in the current year by betting on sales of its own brand, said a senior leader.
“After introducing our own brand in March, its revenue grew from 5% to 25% and we expect this growth to help us reach the ₹2,000 crore gross revenue mark over the course of the year. in FY23,” said Chinna Pardhasaradhi, Chief Financial Officer of WayCool. Foods and Products Pvt. ltd.
“Private labels and Horeca (hotel cafeteria restaurant) among others explain the growth in the balance”,
For FY22, the city-based company recorded gross revenue of ₹1,000 crore, a three-fold growth from the prior year period. In the previous two years, it had recorded gross earnings of ₹370 crore and ₹280 crore respectively.
Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool currently manages more than 900 tons of food products per day from a lakh of customers and a network of approximately 85,000 farmers in more than 50 regions. WayCool’s products include rice, pulses, wheat flour, dairy and value-added products.
In January of this year, WayCool raised $117 million to accelerate and leverage advanced technology and automation to repeatedly improve efficiency.
“During the current year, as part of our expansion plans, we will invest around $100 million,” Pardhasaradhi said.
“This amount may increase. About $40 million will be committed to strengthen the technology centers in Bangalore and Chennai, $40 million to develop and strengthen our own brand and $20 million to automate all warehouses and the supply chain,” he said. -he declares.
Talking about the expansion, he said that they plan to enter new geographies in Asia and West Asia. In the domestic market, he said the South accounts for the bulk of revenue, followed by the West at around 20%.