New Delhi, June 22 (PTI) Food and agrictech firm WayCool has received investment of USD 25 million from 57 Stars LLC and others under its plan to raise up to USD 40 million in debt and equity, a statement said on Wednesday.

The Chennai-based WayCool Foods and Products in the statement said that investment firm 57 Stars LLC has led an investment round of up to USD 40 million.

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The investment is the first transaction for 57 Stars' Direct Impact Fund and the second investment for 57 Stars Global Innovation Fund 2 (GIF 2).

In January, WayCool Foods had raised USD 117 million (about Rs 864 crore) from investors in Series D round to strengthen its technology and future growth.

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A company official said that USD 25 million has been raised so far in this latest USD 40 million funding round, which is an extension of the Series D.

WayCool said it aims to deliver high-quality products, including fresh produce, staples, and dairy to consumers while making a positive impact on agri/food value chain players.

WayCool's tech-enabled platform reduces information asymmetry, providing farmers with cohesive hyperlocal solutions and potentially increasing their income by up to 30 per cent while reducing food waste by up to 70 per cent, the statement said.

Chinna Pardhasaradhi, CFO, WayCool, said "We are happy to partner with 57 Stars in the next phase of our journey. This investment illustrates the continuing confidence of mature global investors in fundamentally sound businesses delivering lasting impact.”

WayCool works with more than 150,000 farmers, and operates a full stack, broadline product range across multiple channels, serving over 100,000 clients.

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