Agri-commerce company WayCool Foods will invest USD 5 million into Siddhi Vinayak Agri Processing (SV Agri) to leverage strong supply chain eco-systems, boost the quality and supply of potato seed, storage and processing.
With the investment from WayCool, SV Agri would look at introducing a wide variety of potato seed and further expand existing storage solutions besides gaining acccess to WayCool's strong network in South Indian and overseas.
"Leveraging both supply chains will enable the companies to increase the production of high quality potatoes for Indian consumption and as well as meet global demands," WayCool Foods said in a statement.
According to the company, the domestic demand for potatoes increased over the last few decades and daily consumption of potatoes currently stands at 1.25 lakh tonne per day, making it as fourth largest food crop in the country.
"At WayCool, we look to invest in like-minded companies that bring in diverse expertise and create mutual synergies. SV Agri has expertise ranging from providing high quality seeds, best-in-class storage solutions..," WayCool Foods and Products CEO Karthik Jayaraman said.
SV Agri Processing, co-founder, Hemant Gaur said, "...we see a great demand for high quality potatoes in southern India and see an opportunity to leverage our expertise."
"We can also see a fruitful partnership for our cold storage and engineering solutions as WayCool is renowned to push boundaries when it comes to innovative and customised solutions to adapt their supply chain as per Indian requirements," Gaur said.
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)