Agriculture supply chain start-up WayCool Foods has drawn up plans to double its gross revenue to Rs. 2,000 crore during the current year by betting on own brand sales, said a top executive.
“After the introduction of our own brand during March, its revenue pie has grown from 5% to 25% and we hope this growth will help us achieve Rs. 2,000-crore mark in gross revenue in FY23,” said Mr. Chinna Pardhasaradhi, CFO, WayCool Foods and Products Pvt. Ltd. “Private labels and Horeca (hotel restaurant cafeteria) among others accounted for the balance growth.
For FY22, the city-based firm clocked a gross revenue of Rs. 1,000 crore, a growth of three times over the year-earlier period. In the preceding two years, it had posted gross revenues of Rs. 370 crore and Rs. 280 crore respectively.
In January this year, WayCool raised $117 million to accelerate and leverage deep tech and automation to enhance its efficiency multifold. “During the current year, as part of our expansion plans, we will be investing approximately $100 million,” Mr. Pardhasaradhi added.