Agri-tech WayCool hives off Rs 400-crore retail brand into subsidiary | CPT PPP Coverage
Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
Agri-tech WayCool hives off Rs 400-crore retail brand into subsidiary appeared on economictimes.indiatimes.com by IANS.
The new company -WayCool BrandsNext Private Ltd- will soon launch millet-based products and various rice varieties.
The hiving off of the Rs 400 crore revenue business is not with an idea to come out with an initial public offer (IPO), the official said. The business needs a focused approach and dedicated manpower to grow it.
“Last year, the revenue from the hived off brands – Kitchenji (dals, staples and spices), Madhuram (bulk grain and pulse), Freshey’s (ready-to-cook items, dairy products) – was about Rs 400 crore. The business requires a new set of skills, distribution, product development, sales and marketing,” Karthik Jayaraman, Managing Director, WayCool Foods told reporters here on Friday.
“We will be doubling the revenue this year to Rs 800 crore by expanding our reach and launching new products. We will be present in all the south Indian towns having a population of about 30,000 people,” said BP Ravindran, CEO of WayCool BrandsNext, the new subsidiary.
Ravindran said the company will soon launch a health mix powder with higher millet content and also come out with millet-based food products.
Discover the stories of your interest
Agreeing that post-Covid, people are looking at healthier food options, Ravindran said the company will also come out with various rice varieties like red/brown and others and value-added dairy products.According to Jayaraman, the demand for white-labelled products have gone up and the company is also serving the needs of companies that are into delivering groceries to homes.
The parent company WayCool Foods is largely a business-to-business (B2B) food products supplier (sourcing from farmers/farmer producer organisations directly and supplying to retail outlets/bulk buyers) in the southern markets and in Maharashtra.
WayCool, India’s leading food and agri-tech company, has signed a Memorandum of Understanding (MoU) with Central Warehousing Corporation (CWC) to bolster the distribution of its agri-input portfolio. The partnership aims to transform India’s food ecosystem by improving supply chain efficiency and reducing wastage.
The company has entered into a Memorandum of Understanding (MoU) with the Central Warehousing Corporation (CWC) to utilize six state-of-the-art facilities located across South India, along with additional facilities to be set up in key locations.
CWC will provide dedicated warehousing and incidental services, including pest control, handling and transportation, inventory management, and others.
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on economictimes.indiatimes.com by IANS – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!