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WayCool Foods Receive $5.5 Million Debt Financing From IndusInd Bank

WayCool Foods, horticulture and innovation firm occupied with food improvement and dissemination on Wednesday said it has gotten $5.5 million obligation financing from IndusInd Bank.

WayCool Foods, horticulture, and innovation firm occupied with food improvement and dissemination on Wednesday said it has gotten $5.5 million obligation financing from IndusInd Bank.

US International Development Finance Corporation has broadened a 100% assurance to the organization's most recent round of raising money, an organization explanation said. Early this year, the organization raised a Series C round of  $32 million drove by Lightbox. 

It likewise raised from LGT Lightstone Aspada, Caspian Impact Investment, and Northern Arc Capital, it said. Setuka Partners LLP was the counsel to the present exchange, WayCool Foods said.

The credit would be conveyed through IndusInd Bank's Impact Investing division which would bolster the development plans of WayCool Foods. 

The organization intends to utilize the assets to actualize severe cleanliness measures and increment transportation effectiveness to decrease food decay and improve the respects ranchers among others. "WayCool has been consistently constructing fundamental innovation and operational abilities to work hearty agri-food flexibly chains. We welcome DFC and IndusInd Bank as accomplices in this journey," WayCool Foods Co-Founder Karthik Jayaraman said. 

On their relationship with WayCool Foods, DFC Director-Social Enterprise Finance, Ajay Rao stated, "We anticipate this coordinated effort during this crucial occasion." WayCool obtains, forms and conveys a scope of food items including new produce, staples, and dairy items. 

The organization draws in with 40,000 ranchers over 50 districts the nation over, the announcement said.

Source: PTI



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