Project detail - WAYCOOL FOODS AND PRODUCTS PRIVATE

WAYCOOL FOODS AND PRODUCTS PRIVATE

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Who is our client

The client is WayCool Foods and Products Limited, a social enterprise that aims to transform the agricultural product supply chain by providing solutions across the seed to sale distribution model. WayCool’s vision is to become the world’s largest food development and distribution company while positively impacting the lives of smallholder farmers in India. Currently WayCool is sourcing agricultural produce from across 51 regions and 10 states, moving over 250 tonnes of material every day across 14 cities.

Funding objective

The project aims to cover two aspects of the problems faced by the farmers during this critical period in their cultivation cycle: 1) Personal Protection Equipment (PPE) for farmers who need to do field visits on a continuous basis in order to follow the package of practices and should be protected from the transmission of the coronavirus. In addition, the PPE will also offer protection from harmful chemicals during crop production. 2) Another challenge farmers face nowadays is the lack of infrastructure for soil testing and dosage recommendation for crop production. The current infrastructure provided by the government is typically at the district headquarters or in major towns. The solution proposed is to set up smaller portable soil testing kits at the cluster level that could be used by farmers this season to avoid travel during the COVID-19 period. Waycool will leverage grant funds to build these portable soil test labs and perform the first set of tests.

Why we fund this project

The project will cover more than 5,000 farmers during the crop production cycle and ensure their safety in the context of COVID-19. This will also raise awareness in the region on the issues related to the virus and could lead to more farmers adopting similar measures to protect themselves.

More investments

Date Total FMO financing
1/21/2020 USD 5.25 MLN
Region
Asia
Country
India
Sector
Agribusiness, Food & Water
Signing date
8/11/2020
Total FMO financing
EUR 0.10 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+