WayCool was founded by Mr. Karthik Jayaraman who currently serves as CEO and Mr. Sanjay Dasari.

The Company’s key shareholders include: (i) the founders (Karthik Jayaraman and Sanjay Dasari) and management team; (ii) an impact fund Lightrock (through investing entities Aspada Investment Company; Lightrock India Holdings Ltd. and Lightrock Growth Fund I S.A.); (iii) a domestic VC fund Lightbox Ventures (Lightbox Ventures III); (iv) a Development Finance Institution FMO (NEDERLANDSE FINANCIERINGS MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN N.V.) (v) Vishay Engineering & Holdings Private Limited (owned by Mr. Vinod Dasari); and other early and growth stage venture capital funds and angel investors. 

 Company is in the process of raising US$120 million of preferred equity. IFC is proposing to invest up to US$15 million in WayCool in preferred equity. IFC’s investment will support the expansion of WayCool’s business in India including investment in new products, technology and expansion of current operations. 

 WayCool Foods and Products Pvt Ltd is incorporated in India. The Company is primarily operational in six states in India namely Tamil Nadu, Karnataka, Andhra Pradesh, Telengana, Kerala and Maharashtra.  

This is a Category B project based on IFC's 2012 Policy on Environmental and Social Sustainability. The E&S risks and issues associated with this project are limited, site-specific, and can be readily addressed through generally accepted mitigation measures described in this document. The Company is aiming for sustainably managing its sourcing, warehousing and processing operations in compliance with applicable national legal and regulatory requirements, IFC's Performance Standards (PSs), WBG EHS Guidelines (General and Food & Beverage Processing) and its own corporate policies.

Key E&S risks include: (i) implementation and efficiency of Environment / HR / OHS / Food Safety / Supply Chain management systems across its direct (warehouses) and sourcing operations, including functions' competency/capacity, compliance with legal/regulatory permit requirements, assignment of OPEX/CAPEX for addressing corrective action plants (CAPs) – including COVID-19, Gender/GBV risk assessment/management; (ii) fair and safe working conditions for workforce (direct and outsourced labor); (iii) water and energy use/efficiency, including GHG emissions at warehouses; (iv) ambient/point source air emissions, wastewater collection/treatment, and solid/hazardous waste management; (v) emergency planning and response, including L&FS and refrigeration system (e.g., ammonia use); (vi) PS2/PS6 supply chain risk assessment of fruits and vegetables, dairy products and grains from its direct and indirect suppliers, including traceability and risk screening using digital system; (vii) road safety management system aligned with ISO 39001; and (ix) community engagement and grievance mechanism: (x) land acquisition, including any legacy.