WayCool acquires 80% stake in AllFresh, Legal News, ET LegalWorld – Legal Firms

CHENNAI: Food and agri supply chain tech startup WayCool Foods has acquired 80% stake in AllFresh Supply Management (AllFresh) in a deal that values the latter at around $5 million. WayCool expects this acquisition to boost their sourcing capabilities in the domestic apples and oranges category as AllFresh is in the business of sourcing and supplying apples and citrus fruits. AllFresh uses a combination of technology and processes to erode food loss and extend shelf life of these products.

As the consumption of premium fruits grows in India, WayCool said the deal will help bring together AllFresh’s capabilities and network of apple and citrus growers and farmers in Himachal Pradesh, Punjab, Maharashtra and Madhya Pradesh, among other locations with WayCool’s network of over 1,25,000 retail clients. The investment will help AllFresh further invest in its capabilities in post-harvest tech and AllFresh will also benefit from increased access to WayCool’s deep and dense distribution network in India, and the UAE.

“AllFresh is the right fit for us in our goal to become a player that delivers quality apples year-long. Currently domestic apples are in a 3-4 month season, and we expect this to increase going forward,” Chinna Pardhasaradhi, Group CFO, WayCool Foods said. He expects the deal to strengthen WayCool’s sourcing of premium apples and citrus from across India.

“Our aim is to reduce pre & post-harvest wastage, and realize better value for farmers, using state-of-the-art knowledge and technology,” Naresh Jawa, founder and promoter, AllFresh said.

AllFresh is estimated to reach revenue of around Rs 35 crore in fiscal year 2023. The fruits are sourced from 1000+ farmers across Himachal Pradesh and Maharashtra. 150+ customers are served by AllFresh throughout India across general trade and modern trade.

In December 2021, WayCool acquired a majority stake in SV Agri, a potato supply chain and solutions companies. SV Agri is said to have grown its revenue over 4x year-to-date since the deal.