ImpactAlpha, January 16 – Chennai-based fresh food company WayCool is trying to combat food waste and improve livelihoods by sourcing produce directly from small farmers and distributing it to restaurants, local shops and other retailers. The company, which launched in 2015, serves 4,000 clients in 13 locations across India, sourcing 70% of its food directly from small farmers, YourStory reports.
WayCool’s 1.2 billion rupee ($16.9 million) funding round was led by Zurich-based impact investor LGT Impact with backing from Northern Arc Capital and Hyderabad-based impact investor Caspian. The funding will be used to drive WayCool’s expansion in India’s southern and western regions.
The company previously raised funding from food-focused venture firm Aspada.