AgriTech

WayCool Foods faces NCLT heat amidst mounting debt and auditor resignation

Parvathi Benu

April 04, 2025 | 5 Min Read

WayCool director Vinod Dasari and Kushal Finnovation are among the petitioners dragging the once-promising agritech firm in front of the NCLT over loan repayments. MCA filings show WayCool has over Rs 450 crore in outstanding loans, and its last auditor resigned over unpaid dues and cost overruns.

April could be the beginning of the end for WayCool Foods, the agritech firm once tipped to be India’s first agritech unicorn. On April 28, the National Company Law Tribunal’s (NCLT) Chennai bench will hear three separate petitions against the company. One of these petitions has been filed by Vinod Dasari, a director in the company, while a second has been filed by agri fintech startup Kushal Finnovation Capital Pvt Ltd.

Kushal Finnovation’s petition before the NCLT indicates the existence of a third case against the company, but The CapTable couldn’t ascertain the details of the case, and WayCool did not respond to a detailed questionnaire.

Chennai-based WayCool is yet to file its financial statements for the year ended in March 2024 (FY24). Filings with the Ministry of Corporate Affairs show that its former auditor, KPMG India, resigned in September 2024, citing cost overruns and non-payment of fees. A filing about appointing a new auditor was made in March 2025.

Read this article for free

In addition, access 50+ archived articles and 3 new articles every month

Got a tip? If you have a lead we should be chasing at The CapTable, write to us at tips@the-captable.com

Join our community of 100,000+ top executives, VCs, entrepreneurs, and brightest student minds

Trusted by the best

Karthik Reddy

Blume Ventures

The CapTable brings a refreshing set of insights for us at the Blume team, highlighting stories that bring together the underlying business and founders with that of investors' journeys with these startups. It's an important perspective that very few bring to startup ecosystem enthusiasts.

Latest Articles

India’s new luxury playbook: Homes as hard assets, handbags as portable wealth

India’s luxury market in 2025 shifted from aspiration to asset allocation. Ultra-HNIs are buying scarcity-driven luxury homes for permanence and designer handbags for liquidity, treating both as hard assets that hedge volatility, preserve value, and diversify wealth beyond traditional markets.

Sohini Mitter

How to claim mutual fund investments of a deceased family member

While the process is largely straightforward, lining up the required documents can be tricky, especially if the deceased had not named a nominee.

Maulik M

When the side bet becomes the main game: How Thyrocare went from PharmEasy’s big gamble to its lifeline

Four years after PharmEasy’s debt-heavy acquisition shocked India’s startup world, the diagnostics chain has become the troubled e-pharmacy’s profit engine, with its CEO now running the whole show

Shivani Verma

When India needs ideas, climate capital plays it safe

Seed funding for climate-tech startups has collapsed even as late-stage deals surge. India’s investors are backing proven winners while the next generation of innovators runs out of air.

Sai Keerthi

Yusuf Bhai and his ilk will make you smell like a millionaire. But will it last?

In India’s fast-growing perfume trade, street chemists, social-media stars and ambitious entrepreneurs are bottling aspiration for a fraction of the price, challenging global luxury houses and redefining what it means to smell successful.

Team Captable

Convinced that The Captable stories and insights
will give you the edge?

Convinced that The Captable stories
and insights will give you the edge?

Subscribe Now

Stories

Explore