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Layoffs · Commerce & Consumer Brands

WayCool Foods cuts jobs in second restructuring

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Date
Company
WayCool
What it does
FMCG supply chain and brand operator
Kind
Layoffs
Founded
2015
Sector
Commerce & Consumer Brands

What they do

WayCool Foods is undergoing its second major restructuring in a year

What happened

The company laid off 70 employees and closed warehouses last month

Why it matters

This follows 300 cuts last year as it shifts to own brands

The details

  • WayCool Foods fired 70 employees over the last month.
  • This is the second restructuring exercise within one year for the company.
  • The firm previously cut approximately 300 employees in July last year.
  • WayCool Foods shut down several warehouses during this recent period.
  • Impacted departments include sales, research, marketing, and tech teams.
  • The company is shifting strategy to focus on its own brands.
  • It aims for a direct warehouse-free supply chain model.

The bigger picture

  • No new funding round has been raised in the last two years.
  • A bridge round attempt failed when an early-stage backer declined to re-up.
  • That backer shifted focus to iGaming and holds stakes in offshore casinos.
  • Previous talks for $50M-$70M at ~$900M valuation fell due to the funding winter.

About the business

  • WayCool Foods operates subsidiaries like WayCool Censa and WayCool BrandNext.
  • It launched an FMCG entity called BrandsNext last year.
  • Key consumer brands include Madhuram, KITCHENji, DeziFresh, and Freshey’s.
  • The company targets FY23 revenue of INR 1,700 Cr.
  • FY22 operating revenue was INR 926.9 Cr, up 2.4X from FY21.
  • FY22 net loss stood at INR 360.5 Cr, a 142% YoY increase.
  • EBITDA losses have reduced by more than 80% recently.
  • The firm aims for EBITDA profitability by Q1 FY25.
  • Expenses have been cut by 60% since October 2022.

What happens next

  • The company is wrapping up another funding round.
  • It plans to raise capital as required for operations.

Investors

About WayCool

Product
full-stack agritech platform that connects farmers directly with retailers, food brands, and institutional buyers
Customers
Retailers, food brands, and institutional buyers
How it makes money
A B2B agritech platform that links farmers to buyers and supports sourcing, distribution, and food processing
What sets it apart
Works with more than 85,000 farmers through its Outgrow engagement platform

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