INDIA – WayCool, a leading Indian agri-commerce company, has finalised its US$7.5m investment in SV Agri (SiddhiVinayak Agri Processing).
SV Agri is one of India’s largest fully integrated players in the potato supply chain with a joint venture in place with Netherlands-based Agrico, one of the world’s largest potato seed companies.
The company 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.
Investing in SVI Agri fits WayCool’s plan to invest US$100m 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 supply chain that stretches “from soil to sale.”
“Our investment into SV Agri is in line with our overall strategy to bring product specific value chains onto our platform, and unlock significant value through the same,” said Karthik Jayaraman, managing director of WayCool Foods.
Jayaraman said SV Agri was an attractive investment opportunity, given India’s growing demand for potatoes over the last few decades.
“India’s daily average consumption of potatoes is 1.25 lakh (125,000) tonnes per day and is growing at a steady pace, making it the fourth largest food crop in the country,” added Mr Jayaraman.
Hemant Gaur, co-founder of SV Agri, said his company was proud to partner with WayCool adding that his company 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.”
The SVI Agri deal follows a series D funding round where WayCool raised US$117 million from new and existing investors.
WayCool in a statement said that the fresh capital will be used to accelerate and leverage deeptech and automation to enhance its efficiency multifold.
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