Waycool’s revenue grew 40% to Rs 382 Cr in FY21; losses jump 53 percent

Large funding rounds at large valuations have been attracted to food supply chain platforms. Udaan, the market leader, raised new funds at a $3 billion valuation, while Ninjacart’s last round was valued at $850 million.

Waycool, based in Chennai, has also closed a $117 million debt and equity round, valuing the company at $460 million. While Udaan’s valuation was based on a staggering 6X increase in scale, Waycool’s operating revenue increased by 40% in FY21 to Rs 382.33 crore, up from Rs 273 crore in FY20.

Ninjacart’s operating revenue increased by 61 percent to Rs 755.05 crore in the fiscal year ending March 2021, up from Rs 469 crore in FY20.

Waycool earned nearly 98 percent of its revenue from the sale of traded goods, which totaled Rs 380.12 crore.

In line with its revenue, the Lightrock-backed company’s total expenses increased 42.5 percent to Rs 534.5 crore in FY21 from Rs 375.1 crore the previous fiscal year.

The purchase of traded goods is Waycool’s largest expense, accounting for 69 percent of total expenses. From Rs 272.9 crore in FY20 to Rs 369.27 crore in FY21, this cost increased by 35.3 percent to Rs 369.27 crore. Waycool is largely an inventory-driven play, as evidenced by its procurement spending.

Waycool’s financial performance in FY21 was underwhelming, owing to the company’s slow scale growth. Meanwhile, Udaan’s growth soared 6X in FY21, as demand for online food and FMCG procurements increased by a factor of ten.

For the first time since its inception, Udaan had managed to control losses in FY21, unlike Ninjacart and Waycool. During the same time period, Waycool’s losses increased by over 52 percent, while Ninjacart’s losses increased by 90.5 percent in FY21. The Karthik Jayaraman-led firm may grow at a rapid pace in the current fiscal year, thanks to recent funding and expansion plans (FY22).

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