Waycool

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Established in 2015, Waycool Foods and Products Pvt Ltd (“Waycool” or the “Company”) is a leading agri-focused B2B ecommerce platform in India that procures, processes and distributes + 325 fresh produce (fruits &vegetables), dairy products, staples (grains), processed food items and Fast-moving consumer goods (FMCG).As of August 2021, the Company operates 6 collection centers, 31 distribution centers, 1 repackaging center, 1 dairy processing facility, and1 food processing (a line for ready-to-cook meal) facility.The Company's approach is to remodel/shorten the farm produce supply chain and increase value to the farmer, reduce waste, and improve efficiency through replacing the traditional approach utilizing an e-platform to manage ordering, supplies, transport logistics and distribution. The Company works directly with a network of smallholders, Farm Producers Organizations (FPOs), traders and aggregators. The Company sources fresh produces (fruits and vegetables), staples and spices from over 50,000 farmers, of which fresh produces are sourced from 5,000 farmers. Among the 5,000 fresh produces farmers, 3,000 farmers are engaged into the Company's “Outgrow” scheme. The entire farm size the Company sources agro-commodity (fresh produces, staples and spices) is estimated at 30,350 hectares (ha), of which the farm size under the Outgrow scheme is 1,214 ha.The Outgrow scheme involves selected farmers who possess adequate land and demonstrate a reasonable level of farming capability. Activities in the Outgrow scheme involves assessing quality of farming land (soil testing for nutrients), developing a farming plan (including basic economic analysis), and supporting farmers in sourcing of inputs, such as seeds and fertilizers. At the end of the harvest cycle, the farmer sells products directly to the Company. The Outgrow scheme is designed to encourage farmers to optimize yield within their farming areas, to enable a more sustainable harvest throughout the year, and to bring more productive value to farmland. The ordering and distribution system include material grading, sorting and bar coding and distribution. All produce is logged and recorded by batch to facilitate traceability, invoicing and track product to customer receipt.IFC is considering an investment in the Company up to US$15 million to provide funds for: i) launching new products; ii) investing in technology upgrades; iii) working capital; iv) capital expenses on facilities; and v) opportunistic acquisitions (the “Project”).