Dutch development bank FMO is considering a $5.2 million investment in Indian agritech company Waycool Foods & Products, according to a disclosure.
Established in 2015, Waycool focuses on supply chain technology and automation to improve logistics and distribution services, reduce food waste, increase farmer income and improve produce quality.
The company, which now operates in multiple states in south India, including Tamil Nadu, Karnataka, and Andhra Pradesh, aims to build India’s largest agri-food platform.
FMO said that its proposed equity investment will support Waycool’s operations, expansion, capex and working capital needs.
Founded in 1970, FMO has a committed portfolio of 9.2 billion euros, with investments in more than 85 countries supporting sustainable private sector growth in developing and emerging markets by investing in businesses, projects, and financial institutions.
In India, most recently, FMO has proposed extending a $40-million loan to Jaipur-based non-banking finance company Esskay Fincorp Limited (Ess Kay).
In September, the Dutch lender proposed a €7.5-million ($8.3 million) investment in Sahyadri Farmers Producer Co (Sahyadri), an India-based farmer organization with 7,000 members.
The Netherlands-based development investor expects its investments in India, its biggest investment destination, to touch 1 billion euros in the next four years, according to Mint.