WayCool co-founder Sanjay Dasari departs after nearly a decade

Sanjay Dasari, co-founder of the agricultural supply chain firm WayCool, has stepped down after nearly a decade with the Bengaluru-based company.

“Professionally, I’ll still be involved with WayCool in an advisory role, supporting strategic projects and fundraising efforts, but I'm stepping back from the day-to-day of the company I founded and the only job I've ever known,” said Dasari in a LinkedIn post.

Under the leadership of Karthik Jayaraman and Dasari, WayCool raised nearly $200 million in equity funding from global investors.

WayCool buys fresh produce, including dairy products, from farmers and sells them to retailers and restaurants. It also runs private label brands and handles distribution for fast-moving consumer goods (FMCG) companies.

As per media reports, the company was negotiating a fresh round to the tune of more than $50 million, which could have propelled its valuation into the range of $900 million to $1 billion. However, the talks did not go through. The firm was valued at $700 million in its last equity round.

To cut costs, the firm also laid off 200 employees across departments as the company was eyeing profitability by July this year.

While WayCool is yet to file its annual report for FY24, it registered a 62% growth in its operating revenue to Rs 1,251 crore in FY23, whereas its losses surged by 89% to Rs 685 crore during the same period.