Patna and Gurgaon-based full-stack agritech startup DeHaat said it has raised $60 million in a new financing round led by Sofina Ventures and Temasek Holdings.
The Series E round, which took the startup’s valuation between $700 and $800 million, also saw participation from existing investors, including RTP Global Partners, Prosus Ventures, and Lightrock India.
In October 2021, DeHaat raised $115 million as part of its Series D round from Temasek, Sequoia Capital India, Sofina, RTP Global, Prosus, Lightrock, and FMO.
This is DeHaat’s third fundraise in the past two years, as the AgriTech startup adds a million plus farmers to its platform, expands its footprints to newer geographies across the globe and broadens its service offerings.
Commenting on the fundraise, Shashank Kumar, Co-founder & CEO, DeHaat, said, “60x growth of DeHaat in last 40 months has been phenomenal and has laid a foundation for a clear path to profitability. Closing a US$60 mn round when 70% of the last raise is still left signifies a victorious status of DeHaat as a market leader in AgTech.”
“We are very well capitalized at this point of time & we aim to leverage this status to consolidate our growth towards efficiency & profitability. Hence, we aim to break even in the next 12 months along with 2-2.5x growth on a YoY basis,” said Shashank.
Founded in 2012 by IIT, IIM & NIT alumni Amrendra Singh, Shyam Sundar Singh, Adarsh Srivastav & Shashank Kumar, The soonicorn agritech startup offers end-to-end agricultural services to farmers, including distribution of high-quality agrarian inputs, personalized farm advisory, seamless access to financial services, and market linkages for selling their produce.
Yana Kachurina, Principal, Sofina, said, “With the intent to become a contributor to SDGs, Sofina supports organizations that have a positive impact on their communities and the environment. We continue to be impressed by DeHaat’s vision and endeavour 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 startup said it has built a robust last-mile supply chain in more than 110,000 villages across 150+ districts of India through its exclusive digitized network of 10,000+ Micro Entrepreneurs called ‘DeHaat Centers’ for last-mile delivery as well as aggregation.
It claims to serve more than 1.5 million farmers across 11 prominent Indian agricultural states, including Bihar, Uttar Pradesh, Jharkhand, Maharashtra, Madhya Pradesh, Rajasthan, West Bengal, Odisha, Gujarat, Chhattisgarh & Haryana, with its full-stack Agri value chain offerings.
DeHaat said it has onboarded 2,000+ agribusiness institutions, including input manufacturers, FMCG players, banks, insurance partners & bulk output exporters, offering them direct access to farmers to drive efficiency and transparency.
The funding announcement comes when the Indian startup ecosystem navigates uncertain global market conditions, witnessing a sharp reversal in pricing and frequency of funding rounds.
Dexter Capital and Vertices Partners were the advisors of this funding round, the startup said.
Source @Indianstartupnews
