WayCool IPO Plans 2025 Aims for Profitability in Agritech Industry
WayCool, the Indian agritech startup, is planning to go public by 2025, according to Sanjay Dasari, the company’s co-founder and head of growth. The decision will be based on generating consecutive quarters of profitability.
“For us, the understanding has always been that we will IPO with consecutive quarters of profitability and as a company we’ve been moving towards that trend quite aggressively for the past few years…,” Dasari said while speaking at Inc42’s The Makers Summit 2023.
Dasari added that scale and profitability are not as inversely correlated as they might seem, especially in the agritech industry, citing WayCool’s example, where scale was the path to profitability. Nearly 89% of WayCool’s revenues were contribution margin 2 (CM2) positive, indicating the aggregate amount of revenue left after variable costs to cover fixed expenses are accounted for, which is a metric for future profitability.
BigHaat, another agritech startup, is also striving for profitability. The company’s co-founder and director, Sachin Nandwana, said that they are close to being EBITDA positive and are planning to turn PAT positive soon. Nandwana believes that farmers will be willing to pay if they get the desired benefits. His focus is on generating more revenue per resource to increase the startup’s top line, as he believes it is the key to value creation.
Nandwana added that technology could help bridge the gap in the agriculture sector and introduce new changes across supply and value chains. He emphasized that BigHaat is not in the burn game and is focused on value creation.
About WayCool:
WayCool is India’s fast-growing agri-commerce company that aims to revolutionize the food economy, positively impact 500k farmers, and control the entire food supply chain. They handle 650+ tons of food products per day, serve 25k+ clients, and source from 85k+ farmers across India. WayCool’s innovative approach leverages technology to efficiently operate a complete supply chain, ensuring exceptional quality.
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