WayCool Co-founder Sanjay Dasari Steps Down After Nearly A Decade With The Company

Sanjay Dasari, co-founder of the Bengaluru-based agricultural supply chain company WayCool, step down after nearly a decade of leadership. In a LinkedIn post, Dasari shared that while he will remain involved in an advisory role, supporting strategic projects and fundraising efforts, he will be stepping back from the day-to-day operations of the company he co-founded, marking the end of a significant chapter in his career.

Under the leadership of Sanjay Dasari and Karthik Jayaraman, WayCool raised close to USD 200 million in equity funding from global investors, helping the company establish itself as a key player in the agricultural supply chain. WayCool buys fresh produce, including dairy products, directly from farmers and sells them to retailers and restaurants. The company also runs private label brands and handles distribution for fast-moving consumer goods (FMCG) companies.

In recent months, WayCool has faced challenges, including a round of layoffs, which saw 200 employees across departments let go, as part of an effort to cut costs and work towards profitability. Despite efforts to raise more capital, including negotiations for a fresh round of funding that could have valued the company between USD 900 million and USD 1 billion, the talks did not materialize. The company was last valued at USD 700 million during its previous funding round.

For the fiscal year FY23, WayCool reported a 62% growth in operating revenue, reaching Rs 1,251 crore, but also saw a significant rise in its losses, which surged by 89 per cent to Rs 685 crore.

Dasari’s departure marks a pivotal moment for WayCool as it navigates through financial challenges and continues its efforts to streamline operations and achieve profitability. The company’s focus remains on leveraging its strong supply chain and distribution network to scale its business in the competitive agriculture and FMCG sectors.