Agricultural supply chain start-up WayCool Foods has drawn up plans to double its gross sales to 2,000 crore this year by banking on private label sales, a top executive has said.
“Following the launch of our own brand in March, the sales pie has grown from 5% to 25% and we hope this growth will help us reach the 2,000 crore gross revenue mark in FY23,” said Chinna Pardhasaradhi, CFO , WayCool Foods and Products Pvt. GmbH.
“Own brands and Horeca (hotel-restaurant-cafeteria) contributed to the balance growth, among other things,”
For FY22, the city-based company reported gross sales of £1,000 billion, a triple growth on the same period last year. In the previous two years it had grossed ₹370 crore and ₹280 crore respectively.
Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool currently processes more than 900 tons of food products per day for 1 lakh customers and from a network of approximately 85,000 farmers in more than 50 regions. WayCool’s products include rice, legumes, wheat flour, dairy and value-added products.
In January of this year, WayCool raised $117 million to accelerate and leverage deep tech and automation to increase its efficiency by orders of magnitude.
“In the current year, we will invest about US$100 million as part of our expansion plans,” said Mr. Pardhasaradhi.
“This amount can increase. Approximately US$40 million will be spent on strengthening the technology centers in Bengaluru and Chennai, US$40 million on expanding and strengthening our own brand, and US$20 million on automating all warehouses and supply chain,” he said.
Speaking about the expansion, he said they plan to expand into new regions in Asia and West Asia. On the domestic market, he said, South accounted for most of the sales, followed by West at about 20%.