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Chennai-based agritech startup Waycool on Wednesday said it raised $40 million in a fresh funding round from Washington DC-based 57 Stars LLC, an alternative investment firm targeting high-growth sectors driven by technological innovation.

This investment marks 57 Stars’ Direct Impact Fund’s first transaction and 57 Stars Global Innovation Fund 2’s (GIF 2) second transaction.

With a sharp focus on sustainability, WayCool seeks to deliver high-quality products, including fresh produce, staples, and dairy to consumers, while making a positive impact on agri/food value chain players.

According to a press statement, 57 Stars said its’ investment in WayCool exemplifies the startup’s commitment to sustainable development and its dedicated impact investing strategy, which seeks to deliver compelling financial returns alongside meaningful positive social and/or environmental impacts.

Speaking about the development, Amit Chandra, Managing Director, 57 Stars LLC, said,

“The Indian agricultural market’s fragmented structure separates farmers from end-markets through multiple intermediaries. WayCool delivers efficiencies for all stakeholders from soil to sale.”

Chinna Pardhasaradhi, CFO, WayCool, said, “This investment illustrates the continuing confidence of mature global investors in fundamentally sound businesses delivering lasting impact.”

“We believe our investment in WayCool is highly impactful, generating significant positive social and environmental outcomes at scale and addressing massive challenges in the food supply chain, where an estimated 30 percent of food is wasted before it reaches the end consumer. This deal provides our investors with participation in India’s leading crop-tech company with the potential to outperform,” added Gene Pohren, Co-founder and Managing Director, 57 Stars LLC.