DeHaat, an agrotech startup has secured $60 million to grow rapidly, and to onboard over one million farmers to its platform. The company also plans to enter into new global markets. It has set a goal to goal is to expand its services to 5 million farmers by 2024.
The startup builds AI-enabled technologies to revolutionize supply chain and production efficiency in the farm sector and provides full-stack agricultural services to farmers, including delivery of high-quality agricultural inputs, personalised farm advisory, access to financial services, and market linkages for selling their produce.
Yana Kachurina, Principal, Sofina in his statement 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.
DeHaat aims to break-even in 12 Months
“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 agrotech. 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.” Shashank Kumar, Co-founder and CEO, DeHaat said.
The firm has over 1.5 million farmers across Bihar, Jharkhand, Maharashtra, West Bengal, Rajasthan, Haryana, Madhya Pradesh, Odisha, Chhattisgarh, Gujarat, and others.
Founded by the alumni from IIT Delhi, IIT Kharagpur, IIM Ahmedabad and other top institutes – DeHaat is now a fully funded start-up with a growth rate of 3-4x annually. The impact we have created at grass root level over the last 8 years of our operations has been phenomenal, as recognized and felicitated by NASSCOM, Forbes, ET, Niti Aayog, and Bill Gates Foundation, and many more.
DeHaat Centre is a one-stop-shop for full-stack agricultural services. Farmer gets access to quality material inputs, coordinates the sale of their produce to institutional buyers and receives science-based farming advisory in a timely manner, often personalized based on their specific farming conditions. Micro-finance and Agri Insurance services will soon be available to the farmers as well, the company claims. Chain of DeHaat Centres are operated by the local franchise owners, also known as DeHaat Micro-Entrepreneur or DeHaat Coordinator.
The 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.