DeHaat, an Agritech startup, has secured $60 million in a Series E funding round led by Sofina Ventures and Temasek. Prosus Ventures, RTP Global India, and Lightrock India also participated in the round.
The company has already received around $46 million as part of the Series E round.
Marketmoney had exclusively reported about the October fundraiser. DeHaat’s third fundraiser in the last two years. In October last year, the Patna and Gurugram-based firm closed a $115 million Series D round. 70% percent of the last raise is still remaining in the account of the corporation, according to the organization.
Ten-year-old DeHaat offers end-to-end agricultural services to farmers, including distribution of high-quality agricultural inputs, personalized farm advisory, access to financial services, and market linkages for selling their produce. The company claims that it currently built a last-mile supply chain in more than 110,000 villages across 150 districts of India through its network of more than 10,000 micro-entrepreneurs for last-mile delivery as well as aggregation.
DeHaat
Shashank Kumar, Co-founder, and CEO, DeHaat said, “DeHaat has seen 60X growth in the last 40 months and it now has laid a foundation for a clear path to profitability. Closing a $60 million round when 70% of the last raise is still left signifies a victorious status of DeHaat as a market leader in arigtech. We aim to leverage this status to consolidate our growth towards efficiency and profitability. We aim to break even in the next 12 months along with 2-2.5X growth on a YoY basis.”
The startup offers end-to-end agricultural services to farmers, including distribution of high-quality agricultural inputs, personalized farm advisory, access to financial services, and market linkages for selling their produce.
Sofina Ventures
Yana Kachurina, Principal, Sofina said, “We continue to be impressed by DeHaat’s vision and endeavor to empower farmers and local communities, and with this additional funding we hope to create an even deeper and broader impact within the existing network as well as new geographies.’
The agritech startup has a last-mile supply chain in over 110,000 villages across over 150 districts in India and has a digitized network of over 10,000 micro-entrepreneurs. The startup has over 1.5 million farmers across Bihar, Jharkhand, Maharashtra, West Bengal, Rajasthan, Haryana, Madhya Pradesh, Odisha, Chhattisgarh, Gujarat, and others.
Revenue of DeHaat
For the fiscal year 2021-22 (FY22), DeHaat’s scale soared 3.6X to Rs 1,274 crore, as per the annual financial statement with the Registrar of Companies. As per Marketmoney analysis, the sale of agricultural inputs accounted for 99% of its total revenue. The firm’s losses also spiked to Rs 164 crore in FY22 as compared to Rs 54 crore in FY21. The company aims to break even in the next 12 months along with 2-2.5X growth on a Y-o-Y basis.
Revenue-wise, DeHaat is on top among agritech startups while Ninjacart missed the Rs 1,000 crore revenue mark by a small margin. Waycool claims to have recorded Rs 1,008 crore in revenue in FY22. In terms of valuation, Ninjacart is valued at $815 million while Waycool was last valued at $700 million. DeHaat is estimated to be valued at around $700-800 million, as per Marketmoney estimates.