Introduction
The agri-commerce industry in India is a vital pillar of the country’s economy, deeply rooted in its agricultural heritage. India’s agricultural sector has long been a cornerstone of its socio-economic fabric, employing a substantial portion of its population and contributing significantly to its GDP.
Agri-commerce encompasses the various activities involved in the production, processing, distribution, and trade of agricultural products. Over the years, this industry has witnessed remarkable transformations, driven by advancements in technology, infrastructure development, and policy reforms.
In the vast landscape of India’s agri-commerce industry, one company has been making waves with its innovative approach and relentless commitment to growth. WayCool Foods and Products Private Limited has emerged as India’s largest and fastest-growing agri-commerce company.
Let’s delve into the key aspects of WayCool’s success and its impact on the sector.
Sector Highlights
Road
- The total length of the national highways in India has increased by about 59% in the last nine years, from 91,287 km in 2013-14 to 145,240 km in 2022-23.
- India had a total of 97,830 km of National Highways in 2014-15 which has expanded to 145,155 km by March 2023.
- Highway construction in India increased at 17.00% CAGR between FY16-FY21. Despite pandemic and lockdown, India has constructed 10,457 km of highways in FY22.
- The Government of India has allocated ₹ 111 lakh cr (US$ 1.4 tn) under the National Infrastructure Pipeline for FY25. The roads sector is likely to account for 18% capital expenditure over FY25.
- Under the Union Budget 2023-24, the Government of India has allocated ₹ 2.7 lakh cr (US$ 33 bn) to the Ministry of Road Transport and Highways.
Railways
- India has the fourth largest railway network with over 22,593 operating trains (9141 freight and 13,452 passengers) with a daily passenger count of 24 million passengers and 203.88 million tonnes of freight.
- India is projected to account for 40% of the total global share of rail activity by 2050.
- Indian Railways’ revenue reached US$ 5.21 billion in the third quarter of FY 2023.
- Indian Railways (IR) posted a 25% growth in its revenues to ₹ 2.40 lakh cr (US$ 29 bn) for the financial year 2022-23 (FY23).
- Since August 2020, the Indian Railways has run 450 Kisan Rail services and was able to transport over 1.45 lakh tonnes of agricultural produce & perishables.
This blog provides an overview of WayCool’s remarkable journey and its significant contributions to India’s agri-commerce industry.
Based on Historical Performance Summary Report: WayCool 2023 by PrivateCircle Research.
Report Scope
- Revenue Growth over 5 Years (₹)
- Non-Current Investment over the Years (₹)
- Intangible Assets Over the Years & its Subsidiaries’ Contribution (₹)
- Employee Count over 5 Years
- Series Wise Funding since Incorporation (₹)
Agriculture Meets Technology
WayCool’s core focus lies in food development and distribution, and its success story is deeply intertwined with its pioneering use of technology. The company operates a complex supply chain that spans from soil to sale. This end-to-end approach allows them to exercise precise control over the quality and freshness of the products they handle.
Let’s look at the different historical market dimensions of the company over the recent years.
Farmer Engagement at Scale
One of WayCool’s standout features is its farmer engagement program, aptly named ‘Outgrow.’ Through this program, the company collaborates with over 85,000 farmers. This partnership empowers farmers with technology, knowledge, and market access, thus enhancing agricultural productivity and income. It’s a testament to WayCool’s commitment to sustainability and inclusive growth.
Strategic Investments and Acquisitions
WayCool’s growth is not solely organic. The company has been proactive in making strategic investments and acquisitions to strengthen its position in the market.
Diverse Product Portfolio
WayCool operates a full-stack, broadline product range that encompasses fresh produce, staples, dairy, and more. This diversity enables them to cater to a wide range of clients, serving over 100,000 customers across general trade, modern trade, and food services segments.
Their consumer brands, including Madhuram, KitchenJi, L’exotique, and Freshey’s have gained recognition and trust in the market.
Workforce Growth
As an organization that is rapidly scaling up, WayCool has also been expanding its workforce. The employee count has steadily increased over the past five years, a testament to the company’s ability to attract talent and create sustainable job opportunities.
WayCool Peers
- 63ideas Infolabs Private Limited (Ninjacart) with Revenue ₹9.9 Bn and 3-yr CAGR 92.81% FY 2022
- Sahyadri Farmers Producer Company Limited (Sahyadri Farms) with Revenue ₹7.9 Bn and 3-yr CAGR 30.33% FY 2022
Effect on the Sector
Through the integration of technology, support for farmers, diversification of products, and strategic expansion, WayCool Foods has set a precedent for the industry. Its ongoing evolution continues to resonate not just within agri-commerce but across the broader Logistics & Transportation sector.
In summary, WayCool Foods represents a pivotal moment in the industry. It is redefining the landscape of agriculture, logistics, and transportation in India. Its journey serves as an example, highlighting the potential for growth and positive change when companies embrace innovation and remain dedicated to their vision
References
Report Based Blogs by PrivateCircle Research
Historical Performance Summary Report: CleanMax 2023
Indian Healthcare Tech | CY Q2 2022 – Q1 2023
Snacks & Savory Deals Summary | Q4 2021 – Q3 2022
Indian Co-Working Space Companies’ Deals Overview | 2015 – 2022
Indian AI-Based Solutions Companies’ Deals Overview | Q4 2021 – Q3 2022
Deals Summary Report: Indian Apparel & Luxury Goods 2023
Comparable Company Analysis Report: Indian EV Two-Wheeler OEMs 2022
Comparable Company Analysis Report: Indian Food Aggregators, 2022