WAYCOOL FOODS AND PRODUCTS PRIVATE
Status: Completed investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
The client is WayCool Foods and Products Limited, a social enterprise that aims to transform the agricultural product supply chain by providing solutions across the seed to sale distribution model. WayCool’s vision is to become the world’s largest food development and distribution company while positively impacting the lives of smallholder farmers in India. Currently WayCool is sourcing agricultural produce from across 51 regions and 10 states, moving over 250 tonnes of material every day across 14 cities.
What is our funding objective?
The project aims to cover two aspects of the problems faced by the farmers during this critical period in their cultivation cycle: 1) Personal Protection Equipment (PPE) for farmers who need to do field visits on a continuous basis in order to follow the package of practices and should be protected from the transmission of the coronavirus. In addition, the PPE will also offer protection from harmful chemicals during crop production. 2) Another challenge farmers face nowadays is the lack of infrastructure for soil testing and dosage recommendation for crop production. The current infrastructure provided by the government is typically at the district headquarters or in major towns. The solution proposed is to set up smaller portable soil testing kits at the cluster level that could be used by farmers this season to avoid travel during the COVID-19 period. Waycool will leverage grant funds to build these portable soil test labs and perform the first set of tests.
Why do we fund this investment?
The project will cover more than 5,000 farmers during the crop production cycle and ensure their safety in the context of COVID-19. This will also raise awareness in the region on the issues related to the virus and could lead to more farmers adopting similar measures to protect themselves.
More investments
| Date | Total FMO financing |
|---|---|
| 1/21/2020 | USD 5.25 MLN |
- Region
- Asia
- Country
- India
- Sector
- Agribusiness, Food & Water
- Effective date
- 8/11/2020
- End date
- 11/23/2022
- Total FMO financing
- EUR 0.10 MLN
- Funding
- Building Prospects
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B+