March 27, 2019
WayCool Foods & Products Pvt. Ltd.- a Chennai based food supply chain company is entering the food processing industry with acquiring a significant equity stake in M/s. Benani Foods Private Limited – a Chennai based manufacturer of ready-to-cook products and food ingredients.
The company has picked up the stakes of angel investors including that of M/s. TVS Electronics. TVS Electronics had invested in Freshey’s at an early stage and has built a strong product development and operational capabilities since inception.
Benani Foods manufactures and markets value-added, ready-to-cook products such as idli and dosa batter, paneer, idiyappams and papads. The company retails its products under the brand “Freshey’s” and caters to 1,250 retail outlets and around 50 enterprise clients. Freshey’s will continue to operate under the same brand name after the acquisition. WayCool’s strong & robust supply chain mechanism and distribution network will enable entry of Freshy’s across other markets of South India as well, as part of WayCool’s product portfolio.
In the past few years, the company has established scale in procurement and distribution of raw staples and fresh produce. This investment in Freshey’s will help it serve this need better. Freshey’s have built a reputation for quality and consistency, with recipes that are specifically tuned to local tastes, as well as systematic, hygienic operations.
WayCool serves a network of around 5,000 clients with 200 tonnes of food products every day from a base of 35,000 farmers.
Earlier this month, WayCool has acquired the physical distribution business of Aalgro Foods, a Bengaluru-based B2B company in fruit retail packing and distribution space. The acquisitions are a part of WayCool Foods’ strategic investment opportunities into companies that align with their strategy of building out a full stack food supply chain.