WayCool Food Co-founder Sanjay Dasari exits company
Chennai agritech startup WayCool Food co-founder will now move to San Francisco to pursue other opportunities in operating, investing, angel bets, and mentorship.
Sanjay Dasari, Co-founder of WayCool Foods, has exited from the company after a decade-long stint with the agritech supply chain startup, he said in a LinkedIn post on Wednesday.
"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," his LinkedIn post read.
Dasari, who founded the company with Karthik Jayaraman, will now move to San Francisco to pursue other opportunities in operating, investing, angel bets, and mentorship.
The development comes just two months after WayCool raised Rs 100 crore in debt financing from Grand Anicut to refinance its existing borrowings to manage working capital.
Earlier in October, the company's board approved a capital infusion through 1,000 Series B6 debentures at an issue price of Rs 10 lakh each to raise Rs 100 crore. The debentures carry a coupon rate (interest rate) of 18% per annum, with a maturity period of 18 months.
Chennai-based WayCool has been struggling with diminishing financings and difficulty in raising funding. It conducted multiple rounds of layoffs during the year as it navigated delayed client collections.
According to media reports, the company had also postponed employee salaries and was running behind on payment schedules for vendors and logistics partners.
According to Dasari's post, the company has reached CM3 (contribution margin) profitability while covering all fixed and variable costs.
"We've come a long way from a chain of grocery food trucks, surviving a flood when we were just 6 months old, a cyclone a year later, and a pandemic that decimated 95% of our revenue base overnight," stated Dasari in his farewell post on LinkedIn.
Edited by Suman Singh