DeHaat, a full-stack agritech business, announced a USD 60 million Series E fundraising round led by Sofina Ventures and Temasek on December 1. According to the business, other current investors RTP Global Partners, Prosus Ventures, and Light rock India, also participated in the round.

Sofina Ventures led the investment with Rs 240 crore, according to MCA papers from October, while RTP Global Partners, Prosus (Naspers Ventures), and Lightrock India each invested Rs 48 crore, Rs 32 crore, and Rs 46.6 crore, respectively. Following the current financing round, the business is valued at USD 695 million, according to the filings (considering dollar at Rs 80).

According to the company’s official release today, the funding comes as DeHaat develops its network to include over a million farmers, expands its reach to other parts of the world, and broadens its service offerings. However, the company did not say if the valuation was updated as a result of the additional cash.

DeHaat, which means “village” or “countryside” in Hindi, was launched in 2012 and has built a comphrensive full-stack agricultural model that includes services such as agricultural input distribution, personalised farm advice, access to financial services, and market linkages to sell farmers’ product.

DeHaat serves over 1.5 million farmers in over 11 agricultural states, including Bihar, Uttar Pradesh,  Maharashtra, Madhya Pradesh, Rajasthan, Jharkhand, West Bengal, Odisha, Gujarat, Chhattisgarh, and Haryana, according to a statement released today by the company.

“We are continued to be pleased with DeHaat’s vision and desire to empower farmers and local communities.” said Yana Kachurina, principal at Sofina. “With the help of this extra financing, we want to generate an even stronger and broader effect within the existing network and new regions.”

“DeHaat’s 60x growth in the last 40 months has been phenomenal, laying the groundwork for a clear path to profitability.” Closing a USD 60 million round when 70% of the previous round is still outstanding demonstrates DeHaat’s victorious status as a market leader in AgTech,” said Shashank Kumar, co-founder, and CEO of DeHaat.

“We are now well financed, and we plan to leverage on this position to concentrate our expansion toward efficiency and profitability. As a consequence, we wanted to break even in the next 12 months, with 2-2.5x year-on-year growth “He said.

DeHaat also said that it has created a last-mile supply chain in over 110,000 villages spanning more than 150 districts in India, utilising a digitised network of over 10,000 micro-entrepreneurs known as ‘DeHaat Centers’ for last-mile delivery and aggregation.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.

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