WayCool achieves Rs 1000 cr ARR & gears up for next phase of growth
WayCool Foods India is one of the fastest-growing agribusinesses. On its 6th anniversary, it announced that it has passed the Rs 1000 crore milestone in annual recurring revenues (ARR), and is on the road to expansion into new markets. The company is expanding its reach into the Middle East and western India.
Automation and deep tech have allowed the company to build a sustainable supply chain. Advanced technology has allowed the company to service its 100,000 customers in an emergency situation while increasing overall efficiency by 3x.
Further, the company is now working with 80,000 farmers across south India via commercial partnerships and also through Outgrow's agricultural extension programme to increase their incomes as much as 30%. Outgrow, the multilingual app, was upgraded by the company. It now offers a wide variety of services to its farmers. These include soil testing, AI-based diagnosis, market price benchmarks for disease, weather inputs, and video sharing of good agricultural practices.
Karthik Jaiaraman, chief executive officer and cofounder, WayCool Foods and Products Private Limited said, "We have accomplished many milestones, despite challenges, and have passed an ARR INR 1000 Crore in June. This is an increase of 4X over the previous year. We are on track to achieve our annual revenue goal. In the last one year, we also saw a 4x increase in our customer base. We intend to continue investing in deep tech automation and automation over the next several years. This will allow us to increase efficiency and our investment. We will also expand our sales network to Western India as well as the Middle East.
His comments on expanding reach into the Middle East and Western India were further elaborated by him. "Entering Western India specifically Maharashtra would be a logical next step since we already work in Maharashtra to source raw materials and have one if our strongest bases." Separately though, the Middle East is eager to strengthen food security and has long-standing relationships with India. India is the best partner for the Middle East in its quest. WayCool's strong network of sourcing partners and our next-generation technology integrated supply chains make it possible for us to address the needs of this region. Additionally, the Indian diaspora makes it a natural market to sell our products."
Many unique techniques have been employed at the company in order to improve efficiency. These methods have allowed the company to reduce its working hours by 70%, which makes it half the efficient industry standard.
"These innovative ideas and many more will help to streamline our state-of the-art supply chain. We also want to add more farmer partners. Our current productivity per team member exceeds the industry average by 1.5 times. Our goal is to raise this number to 5X. To accomplish this, we plan to further expand our technology for automated grading/sorting, as well robotized material handing. Jayaraman concluded that we will also invest heavily in automated dry grocery stores to dramatically improve pick speed, accuracy, and productivity within the dry grocery supply system.