“After 9.5 incredible years building WayCool, it’s time for me to take the final step in the founder’s journey—an exit,” he said in a LinkedIn post on Wednesday.
“I’ll still be involved with WayCool in an advisory role, supporting strategic projects and fundraising efforts, but I’m stepping back from the day-to-day (sic) of the company I founded and the only job I’ve ever known,” he added.
Referring to his future plans, Dasari said, “I’m open to options and going where my curiosity takes me, weighing opportunities between operating and investing while doubling down on angel bets, mentorship and speaking.”
Founded in 2015 by Dasari and Karthik Jayaraman, the company initially began as a supply chain business for agriculture products before venturing into the packaged consumer goods space.
On July 26, ET reported that the Chennai-based company had let go of over 200 employees in its third round of layoffs within a year, as part of its efforts to achieve profitability. It had also confirmed the exit of B P Ravindran, who headed its FMCG subsidiary BrandsNext that houses brands such as Madhuram, Kitchenji and Freshey’s, among others.
Discover the stories of your interest
“The team has emerged stronger and leaner after we’ve successfully navigated a particularly challenging year. The opportunity ahead is immense, and now more than ever, it’s about embracing ‘The Infinite Game.’ In the food and agri industry, real transformation takes time, and I know this team has the resolve to stay the course,” said Dasari.According to Dasari, the company has raised nearly $200 million in equity funding from investors like Lightbox Ventures, Redwood Equity Partners, Huruma Fund and Innoven Capital.
The company posted an operating revenue of Rs 1,251 crore in FY23, up from Rs 772 crore in the previous year, while its losses stood at Rs 685 crore. WayCool is yet to file its financial statements for the last financial year with the Registrar of Companies.
