Agriculture supply chain start-up WayCool Foods has drawn up plans to double its gross revenue to ₹2,000 crore during the current year by betting on own brand sales, said a top executive.
“After the introduction of our own brand during March, its revenue pie has grown from 5% to 25% and we hope this growth will help us achieve ₹2,000-crore mark in gross revenue in FY23,” said Chinna Pardhasaradhi, CFO, WayCool Foods and Products Pvt. Ltd.
“Private labels and Horeca (hotel restaurant cafeteria) among others accounted for the balance growth,”
For FY22, the city-based firm clocked a gross revenue of ₹1,000 crore, a growth of three times over the year-earlier period. In the preceding two years, it had posted gross revenues of ₹370 crore and ₹280 crore respectively.
Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool currently handles more than 900 tonnes of food products a day across one lakh clients and from a network of about 85,000 farmers in more than 50 regions. WayCool’s products include rice, pulses, wheat flour, dairy and value-added items.
In January this year, WayCool raised $117 million to accelerate and leverage deep tech and automation to enhance its efficiency multifold.
“During the current year, as part of our expansion plans, we will be investing approximately $100 million,” Mr. Pardhasaradhi said.
“This amount can go up. Roughly, $40 million will be incurred on strengthening the technology centres in Bengaluru and Chennai, $40 million for expanding and strengthening our own brand and $20 million in automating all the warehouses and supply chain,” he said.
Talking about the expansion, he said that they are planning to enter new geographies in Asia and West Asia. In the domestic market, he said South accounted for major share of revenue, followed by West of about 20%.