BrandsNext will focus on different business types, and not on WayCool’s main business
Chennai-based startup WayCool Foods has created a wholly-owned subsidiary for its FMCG business- BrandsNext to focus on the segment and strengthen its profitability.The new corporate entity is created to attract the right talent and skills to help the sector grow.
A developer of a tech-enabled supply chain approach that produces staples like rice, dairy, and value added products, WayCool entered the consumer goods business in 2018 through rice brand Madhuram, staple food brand Kitchenji and Freshey’s ready-to-cook products from batter to value-added products. The new entity, BrandsNext, will continue to add more brands that make up South Indian thali.
The startup has appointed BP Ravindran as the Chief Executive Officer of BrandsNext. He will lead BrandsNext’s actions and long-term plans, from product innovation to category expansion.
Last June, the company raised $40 million in an investment round led by global investment firm 57 Stars LLC amid a dismal startup funding climate. This followed a few months after the company closed a $117 million Series D funding round earlier this year led by existing and new investors, including LightRock, LightBox, and FMO.