Waycool, a fast-growing agri-tech startup, has laid off over 200 employees in Chennai, Bengaluru and Hyderabad in its efforts to turn a profit. This is the third round of layoffs in a year. The company is focusing on streamlining roles and automating processes to achieve financial stability.
Despite these challenges, WayCool has raised $341 million from investors such as Lightrock and IFC, and has a valuation of $711 million. The company plans to complete a significant bridge funding round by August to ensure a path to profitability.
waycool’s revenue rose 62% to Rs 1,251 crore in FY23, though losses rose 89% to Rs 685 crore. Founded in 2015, the company has grown from a social enterprise to a major player in agricultural products, with brands such as Maduram and Kitchenjee, serving more than 200,000 farmers and a variety of customers.
Agri-tech Unicorn Waycool Cuts 200 Jobs Amidst Profit Hunt
