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Agri-commerce co Waycool to acquire 65% in potato supply chain co SV Agri

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Chennai-based agri-commerce startup WayCool Foods is to take over SV Agri (Siddhi Vinayak Agri Processing Pvt Ltd), a Pune-based fully integrated player in the potato supply chain ecosystem. Waycool will buy all Series A preference shares, equity shares, Series B and Series C shares from Aspada for INR 12.75 crore. Similarly, it will buy out Series A preference shares worth INR 8.6 crore from Song Investment and Series A preference shares, equity shares, Series B shares from Sarva Capital for INR 11.85 crore. While the buyout from Aspada will be via share swap deal, the other two buyouts will be through cash consideration. Established in 2008, SV Agri focuses on the potato ecosystem in India. From producing a high-quality variety of seeds and providing potato storage & supply solutions to engineering processing technologies, the firm offers a host of services. Waycool, which had recently invested USD 7.5 million in SV Agri, will infuse INR 37.5 crore via compulsorily convertible debentures in SV Agri. Waycool is expected to acquire around 65% stake in SV Agri on a fully diluted basis at a valuation of around INR 115 crore (USD 16 million) (post-money). The management at SV Agri will stay and will operate independently. All existing VC and PE investors in SV Agri will exit. Only Waycool's promoters and ESOP pool will remain on the cap table.