WayCool completes investment into SV Agri, India’s leading potato value chain player
WayCool Foods, India's fastest growing agri-commerce company, has announced the completion of its investment in SV Agri, one of India’s largest fully integrated players in the potato supply chain ecosystem. WayCool has completed its investment of USD 7.5 mn in the company. The synergy will help in the creation of value in the supply chain: with potato varieties, superior storage technology, and the ability to process potato into value-added products and scale up rapidly.
Chennai
WayCool Foods, India's fastest growing agri-commerce company, announced on January 20 the completion of its investment in SV Agri (SiddhiVinayak Agri Processing), one of India’s largest fully integrated players in the potato supply chain ecosystem. WayCool initiated the process in July 2021 and has completed its investment of USD 7.5 mn in the company.
Karthik Jayaraman, Managing Director, WayCool Foods said, “Our investment into SV Agri is in line with our overall strategy to bring product-specific value chains onto our platform, and unlock significant value through the same. SV Agri has expertise in growing and providing high-quality potato seed tubers, best-in-class storage solutions, and top-of-the-line engineering solutions for value-added products. WayCool will bring its technology platform, reach and distribution capability.”
“WayCool is building a keiretsu (a conglomeration of businesses) in agri-commerce. SV Agri is a like-minded company and brings deep tech capabilities in the space. India has shown a great demand for potatoes in the last few decades. India’s daily average consumption of potatoes is 1.25 lakh tonnes per day and is growing at a steady pace, making it the fourth-largest food crop in the country,” added Jayaraman.
Elaborating on the investment, Hemant Gaur, Co-Founder, SV Agri, added, “SV Agri has been introducing a wide variety of potatoes into the market. We will further expand existing storage solutions while also gaining access to WayCool’s strong network across India and international markets. The synergy will help in the creation of value in the supply chain: with potato varieties, superior storage technology, and the ability to process potato into value-added products and scale up rapidly.”
SV agri has a joint venture with Agrico, one of the world's largest potato seed companies headquartered in the Netherlands.
WayCool had recently announced an aggressive growth plan entailing over $100-million investment in technology, product development, facility expansion, and new company acquisitions over the next four years.
