TVS Electronics' subsidiary Benani Foods sold to Waycool Foods

TVS Electronics has sold its entire stake in subsidiary Benani Foods to Waycool Foods, the Chennai-based food supply chain startup, for Rs 1.63 crore.

TVS Electronics has entered into an agreement with Waycool Foods, and the stake sale is expected to be completed by March 31. Benani Foods contributes Rs 444 lakh to the total revenue of TVS Electronics comprising a 0.1% share. The Chennai-based startup is a producer of idli and dosa batter, organic paneer, teas and other food products.

This is Waycool Foods’ second acquisition this month. Earlier in March, the food tech startup acquired the physical distribution business of Aalgro Foods, a Bengaluru-based B2B company in fruit retail packing and distribution space.

Waycool was founded in July 2015 by Karthik Jayaraman and Sanjay Dasari. It is a food development and distribution platform leveraging technology to scale up the supply chain.