Waycool is reportedly undergoing a restructuring process involving laying off approximately 300 employees.
The agritech startup has secured more than $350 million in funding.
With a workforce of around 2,500, it aims to achieve profitability by December.
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Co-founder and Managing Director Karthik Jayaraman addressed employees about the plans on Monday, July 10.
The restructuring efforts will include the closure of distribution centers and some of the experimental projects undertaken by the agri-commerce company.
Waycool has informed its employees variable payouts will be delayed in response to the restructuring.
It held a senior leadership meeting instead of the usual celebrations for Founders’ Day.
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While some have already resigned, those remaining were informed that updates on the restructuring will be provided on Wednesday, July 12.
A company spokesperson said it plans to focus on its core and profitable businesses, scaling back on experimental initiatives to ensure the enterprise’s long-term success.
Waycool raised $117 million last year from investors such as LightRock, the International Finance Corporation (IFC), Redwood Equity, and Gawa Capital, resulting in a valuation of over $700 million.
It had plans to go public in 2025, emphasizing achieving breakeven in the current fiscal year.
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The company specializes in food development and distribution, utilizing technology to manage and expand its supply chain.
It works closely with over 200,000 farmers and operates over 100 procurement locations, 412 distribution centers, and seven consumer brands, including Madhuram, Kitchenji, L’exotique, and Freshey’s.
Waycool consolidated all of its FMCG brands in April under a new wholly-owned subsidiary called BrandsNext.
Waycool is negotiating to secure approximately $50 million in funding, making it the first unicorn of 2023.