DeHaat raises $60M Series E funding led by Sofina, Temasek
With the capital, DeHaat aims to add over one million farmers to its platform and expand into newer geographies across the globe.
Agritech startup has raised $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.
Dexter Capital and Vertices Partners were the advisors of this funding round.
This is the startup's third fundraise. With the capital, it aims to add over one million farmers to its platform and expand into newer geographies across the globe.
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 agtech. 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, personalised farm advisory, access to financial services, and market linkages for selling their produce.
Yana Kachurina, Principal, Sofina said, "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 agritech startup has a last-mile supply chain in over 110,000 villages across over 150 districts in India, and has a digitised 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.
DeHaat has onboarded 2,000+ agribusiness institutions, including input manufacturers, FMCG players, banks, insurance partners and bulk output exporters, offering them direct access to farmers to drive efficiency and transparency.
The company has also been ahead of the curve in consolidating the sector with as many as six M&As under its belt, the latest being twin acquisitions YCook India Pvt Ltd and FieldFresh Foods aimed at tapping into the global economy for Indian farmers.
Edited by Kanishk Singh