Project detail - WAYCOOL FOODS AND PRODUCTS PRIVATE

WAYCOOL FOODS AND PRODUCTS PRIVATE

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Who is our client

Established in 2015, Waycool Foods & Products PVT LTD (“Waycool” or the “Company”) is an Agri Tech company active in the Supply Chain Technologies space in India. With its food logistics & distribution activities, the Company operates across: i) multiple categories: fruits & vegetables, staples, and dairy & packaged foods, ii) multiple channels: retail businesses, hotels & restaurants, supermarkets, and own stores, and iii) multiple states in Southern India: Tamil Nadu, Karnataka, and Andhra Pradesh. The Company aims to build India’s largest and most impactful agri-food platform.

Funding objective

An equity investment is contemplated that will support the Company’s operations, expansion and capex + working capital needs.

Why we fund this project

The Company focusses on India’s fragmented food value chains and leverages technology and automation to improve logistics and distribution services, reduce food waste, increase farmer income and improve quality of the produce for the consumer.

Environmental and social rationale

This is a Category B+ project on Environmental and Social Sustainability due to the potential limited adverse social and environmental (E&S) risk and / or impacts that are few, generally site-specific, largely reversible and readily addressed through mitigation measures. While this project has been screened against all Performance Standards, FMO’s E&S due diligence indicates that the investment will have impacts which must be managed in a manner consistent with the following Performance Standards: PS 1 - Assessment and Management of Environmental and Social Risks and Impacts PS 2 - Labor and Working Conditions PS 3 - Resource Efficiency and Pollution Prevention PS 4 - Community Health, Safety and Security As the nature of this project does not involve direct land acquisition or direct use of natural resources but is instead facilitating the farm to table linkages, the following performance standards do not apply to this project: - PS 6 - Biodiversity Conservation and Sustainable Management of Living Natural Resources - PS5 - Land Acquisition and Involuntary Settlement - PS7 - Indigenous - PS8 - Cultural Heritage FMO will periodically review the project’s ongoing compliance with the Performance Standards.

More investments

Date Total FMO financing
8/11/2020 EUR 0.10 MLN
Region
Asia
Country
India
Sector
Agribusiness, Food & Water
Signing date
1/21/2020
Total FMO financing
USD 5.25 MLN
Fund
Building Prospects
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
B+