DeHaat, an agritech business, has raised $60 million in a Series E funding round led by Temasek and Sofina Ventures. The round included participation from Prosus Ventures, RTP Global India, and Lightrock India.
In this funding round, Vertices Partners and Dexter Capital participated as advisors.
This is the startup’s third fundraise. With the funds, it plans to expand into new regions worldwide and add over one million farmers to its platform.
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 provides farmers with end-to-end agricultural services, such as the distribution of high-quality agricultural inputs, personalized farm advisory, financial services access, 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 digital network of over 10,000 micro-entrepreneurs and a last-mile supply chain in over 110,000 villages across over 150 districts in India. In Bihar, Jharkhand, Maharashtra, West Bengal, Rajasthan, Haryana, Madhya Pradesh, Odisha, Chhattisgarh, Gujarat, and other states, the startup has more than 1.5 million farmers.
DeHaat has onboarded 2,000+ agribusiness organizations, including FMCG companies, banks, insurance partners, and producers of bulk exports. DeHaat aims to increase industry efficiency and transparency by offering these organizations direct access to farmers.
With as many as six M&As already under its belt, the company has been ahead in consolidating the industry. The most recent acquisitions were twin companies, YCook India Pvt Ltd and FieldFresh Foods, to support Indian farmers’ access to the global market.