Madrid, February 21, 2022. The Huruma Fund, managed by GAWA Capital and financed by the European Commission, FONPRODE, COFIDES and private investors and savers, has formalised its first capital deal in India through an investment of 10 million euros in WayCool Foods.
WayCool Foods is one of the largest and most widespread agri-food companies in India. It is an agri-tech company, which processes, distributes and supplies staple dairy products and fresh produce. Focusing on food processing and marketing, WayCool uses innovative technology to expand and manage the complex agricultural supply chain, from production to sale.
STRENGTHENING THE FOOD CHAIN IN INDIA
The Huruma Fund investment will be used to accelerate WayCool’s business plan, leveraging technology and automation to improve efficiency. The objective of the investment is to strengthen the Company’s leadership in the development of a more sustainable farming value chain. Through its programme Outgrow, Waycool offers farmers comprehensive extension services, which help reduce input costs and improve farming practices thereby lowering production costs while enhancing the quality of the products. As a result, smallholders’ income is expected to increase by over 10%.
WayCool has a broad range of products in various channels, serving over 1,000 customers and working with over 85,000 farmers through the Outgrow programme. The Company already operates in 6 states with more than 40 distribution centres, and has recently entered the Middle East market.
The joint CEOs of GAWA Capital, Agustín Vitórica and Luca Torre, point out that, “We are very proud of supporting the breakthrough being led by WayCool, increasing the revenue of smallholder farmers, reducing food waste and providing more nutritious food to some of the most vulnerable people in India.”
The Chairman of COFIDES, José Luis Curbelo, highlights, “The Huruma Fund and the accompanying technical assistance funds, are helping to improve financial inclusion, thus enabling greater economic and environmental sustainability.”
ABOUT THE HURUMA FUND
The Huruma Fund is the first project led by COFIDES within the framework of agriculture blending facilities in the European Union. Managed by GAWA Capital, it has 120 million euros contributed by the European Union, FONPRODE (the Development Promotion Fund) of the Spanish Agency for International Development Cooperation (AECID), COFIDES and private investors, thanks to the collaboration of CaixaBank Private Banking, which has distributed the fund through its national network. The objective is to provide access to loans to farmers in underserved rural areas in Latin America, the Caribbean, Sub-Saharan Africa and Asia. It includes an EU funded Technical Assistance Facility (TAF) to provide consulting services and training related to agriculture, and to help improve the entities the Fund invests in, enhancing the impact on excluded rural populations.
ABOUT GAWA CAPITAL
Established in 2010, GAWA Capital is the leading firm in impact investing in Spain, having mobilised over 195 million euros in public and private investments. Its objective is to improve the lives of low-income communities by promoting investing in social enterprises, while providing their investors with a financial return. GAWA was a pioneer in the introduction of impact investing in Spain, launching three funds which invest in emerging countries with an inclusive approach to market solutions for social issues.
COFIDES, a State-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
This press release was produced with the financial assistance of the European Union. The views expressed herein can in no way be taken to reflect the official opinion of the European Union.