CHENNAI, January 20, 2022: WayCool Foods, India's fastest growing Agri-commerce company, today, announced the completion of its investment in SV Agri (SiddhiVinayak Agri Processing), one of India's largest fully integrated players in the potato supply chain ecosystem. WayCool initiated the process in July 2021 and has completed its investment of USD 7.5 mn in the company.
Karthik Jayaraman, Managing Director, WayCool Foods said "Our investment into SV Agri is inline with our overall strategy to bring product specific value chains onto our platform, and unlock significant value through the same. SV Agri has expertise in growing and providing high quality potato seed tubers, best in class storage solutions, and top of the line engineering solutions for value added products. WayCool will bring its technology platform, reach and distribution capability."
"WayCool is building a keiretsu in agri-commerce. SV Agri is a like-minded company and brings deep tech capabilities in the space. India has shown a great demand for potatoes in the last few decades. India's daily average consumption of potatoes is 1.25 lakh tonnes per day and is growing at a steady pace making it the 4th largest food crop in the country,"Jayaraman adds.
Elaborating on the investment Hemant Gaur, Co-Founder SV Agri, added, "SV Agri has been introducing a wide variety of potatoes into the market. We will further expand existing storage solutions while also gaining access to WayCool's strong network across India and international markets. The synergy will help in creation of value in the supply chain: with potato varieties, superior storage technology, and the ability to process potato into value added products, and scale up rapidly."
SV agri has a Joint Venture with Agrico, one of world's largest potato seed company headquartered in The Netherlands.
WayCool had recently announced an aggressive growth plan entailing over $100 million investment in technology, product development, facility expansion, and new company acquisitions over the next four years.
Focusing on food development and distribution, WayCool leverages innovative technology to scale and operate a complex supply chain from soil to sale. Implementing deep tech and automation has enabled WayCool to successfully create a 'World Class, Sustainable Supply Chain'. This supply chain also helps in ensuring the timely delivery of fresh and hygienic produce to their client base and to households across India.