Waycool raises $12 million from Trifecta and grows its ESOP pool by 20% – Startup Story

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Trifecta Ventures, a venture debt firm, is helping B2B food and agritech platform Waycool raises $12 million via a combination of debt and equity. 
In a debt and equity transaction headed by alternative investment company 57 Stars Global Innovation Fund two months prior, Way cool raised $40 million. The Chennai-based company received its second round of funding in 2022. 
According to regulatory filings with the Registrar of Companies (RoC), the board of Waycool has decided to issue 902 convertible preferred shares (CCPS) at an issue price of Rs 59,836 per share and 900 non-convertible debentures (NCDs) at an issue price of Rs 10,000 each in order to raise a total of Rs 95 crore.
The Chennai-based company has recently added 15,371 ESOP options worth Rs 92 crore to its ESOP pool. Waycool’s ESOP pool trust currently has 92,758 employee stock options and is estimated to be worth Rs 552 crore ($70 million) by Fintrackr (post expansion). 
Waycool has become one of the top agritech startups for fundraising, along with companies like Ninjacart, DeHaat, Absolute, AgroStar, and Arya.ag, who are supported by Walmart and Flipkart.
Waycool Foods and Products founded by Karthik Jayaraman and Sanjay Dasari in 2015 is situated in Chennai, India, with the goal of streamlining India’s farm-to-fork supply chain in order to deliver cleaner, fresher, and better produce to customers, generate higher returns for farmers, and eliminate waste and inefficiency. Waycool seeks to accomplish this by establishing direct linkages to farmers on one side and consumers on the other, and by efficiently connecting them through a combination of physical and information technology.
 
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