WayCool is yet to submit its financial records for FY23 to the Ministry of Corporate Affairs (MCA). According to reports, the company has significantly slashed its expenditures by 60% since October 2022 and aims to wrap up FY23 with a revenue of INR 1,700 Cr.
In the previous fiscal year, the startup witnessed a staggering 142% year-on-year increase in net losses, totaling INR 360.5 Cr. However, there was a remarkable surge in operating revenue, reaching INR 926.9 Cr from INR 382.3 Cr in FY21, marking a 2.4X growth.
WayCool Foods, based in Chennai, recently underwent its second round of layoffs, affecting approximately 70 employees across various departments and ceasing operations in its warehouses. This move was linked to the company’s challenges in securing new funding over the past two years. The company’s strategic transition towards a warehouse-free supply chain has significantly reduced EBITDA losses, bolstering prospects for profitability in Q1 FY25. Despite facing funding challenges, WayCool remains committed to securing additional capital to support its growth. Additionally, the company aims to wrap up FY23 with a revenue of INR 1,700 Cr after slashing expenditures by 60%.