Agritech startup WayCool Foods has let go of more than 200 employees in the third phase of layoffs in about a year, according to reports.

WayCool, which focuses on the agricultural supply chain and branded farm and food products, said it was part of "profit-making plans," without confirming how many employees were affected by the layoffs. "As part of this, roles and structures are being made more simple and automated. This will be a continuous process, "the company said.

The Chennai-based firm also confirmed the departure of B P Raveendran, who headed its FMCG subsidiary Brands Next, which includes brands such as Madhuram, Kichenji and Freshes.

Vekul had formed Brands Next in April last year to focus on the packaged food segment. The company said 45% of its revenue in FY24 was from brands and it continues to focus on establishing them as "true consumer brands."

The layoffs were carried out in February this year and July last year. WayCool is also reportedly in talks to raise $40 million in an internal round led by existing investor Lighttalk. In its latest statement, the firm said it has received 75% of the capital from the bridge round and will complete the round in August.

Its existing investors include Lightbox Ventures, Redwood Equity Partners, Huruma Fund, InnoVen Capital, and the World Bank-backed International Finance Corporation. According to Tracxn, WayCool has raised a total of $341 million in funding to date.

Founded in 2015 by Sanjay Dasari and Karthik Jayaraman, the company began as a supply chain business for agricultural products before venturing into the packaged consumer products sector.