WayCool marks the first transaction for 57 Stars Direct Impact Fund
57 Stars LLC, an independent global alternative investment firm targeting high-growth sectors driven by technological innovation, is pleased to announce it has led a USD 40 million investment in WayCool Foods & Products Private Limited (“WayCool”), India’s leading food and agri-tech platform. 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”).
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One of India’s fastest-growing food and agri-tech companies, WayCool leads India’s food economy transformation by streamlining supply chains. WayCool provides farmers with cohesive solutions, potentially increasing their income by up to 30% while reducing food waste by up to 70%. Through strict ESG management, WayCool seeks to become energy-, water-, and carbon-neutral, further mitigating its environmental impact.
57 Stars’ investment exemplifies the firm’s commitment to sustainable development and its dedicated impact investing strategy, which seeks to deliver compelling financial returns alongside meaningful positive social and/or environmental impacts.
“The Indian agricultural market’s fragmented structure separates farmers from end-markets through multiple intermediaries” said Amit Chandra, 57 Stars’ Managing Director, “WayCool delivers efficiencies for all stakeholders, from soil to sale.”
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.”
Source: PRNewswire