Chennai-based agritech startup WayCool Foods has reportedly laid off around 200 employees as it faces a funding crunch and mounting losses.
In response to an inquiry from TOI, WayCool confirmed the layoffs but did not specify the exact number of affected employees. The layoffs have impacted staff in Chennai, Bengaluru, and Hyderabad, including those in the parent company and its subsidiaries such as CensaNext and BrandNext.
In a statement, the company said, “Each of WayCool’s businesses is executing their plans to get to profitability. As part of this, roles and structures are further simplified and automated. This will be a continual process.”
WayCool also mentioned that it has received 75% of the capital from its bridge round and expects to complete the round by August. “This gives it an adequate capital runway to get past the cash profitability milestone. The company’s focus continues to be on the growth of brands and their establishment as true consumer brands. Forty-five percent of its revenues in FY24 came from brands, and the share continues to increase,” the statement added.
Amid the restructuring, the head of BrandNext has resigned from the company. WayCool Foods offers SaaS solutions through Censa and operates a range of products across fresh produce, staples, and dairy, with consumer brands including Madhuram, Kitchenji, L’exotique, Dezi Fresh, Freshey’s, AllFresh, and Just Potate.