Prosus N : DeHaat raises US$60m in series E round with participation from Prosus Ventures

DeHaat raises US$60m in series E round with participation from Prosus Ventures

Patna / Gurgaon, India - 1 December 2022 - DeHaat, India's largest full stack AgriTech platform offering end-to-end agricultural services to farmers in India, today announced it had raised US$60 m in a new financing round. Sofina Ventures & Temasek co-led the series E funding, with other existing investors RTP Global Partners, Prosus Ventures and Lightrock India also participating in the round. This is DeHaat's third fundraiser in the past two years. 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 fundraising, Shashank Kumar, co-founder & CEO, DeHaat, said: "The 60x growth of DeHaat in the last 40 months has been phenomenal and has laid a foundation for a clear path to profitability. Closing a US$60m 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 capitalised at this point in time & we aim to leverage this status to consolidate our growth towards efficiency & profitability. Hence, we aim to break even in the next twelve months along with 2-2.5x growth on a YoY basis."

Patna & Gurgaon based business to farmers (B2F) platform was founded in 2012 by IIT, IIM & NIT alumni Amrendra Singh, Shyam Sundar Singh, Adarsh Srivastav & Shashank Kumar, and offers end-to-end agricultural services to farmers, including distribution of high-quality agricultural inputs, personalised 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 organisations that positively impacttheir communities and the environment. We continue to be impressed by DeHaat's vision and endeavour to empower farmers and local communities. With this additional funding,we hope to create an even deeper and broader impact within the existing network andnew geographies."

DeHaat has currently built a robust last-mile supply chain in more than 110,000 villages across 150+ districts of India through its exclusive digitised network of 10,000+ Micro Entrepreneurs called 'DeHaat Centers' for last-mile delivery as well as aggregation. DeHaat today serves more than 1.5 mn farmers acrosseleven prominent Indian agricultural states, including Bihar, Uttar Pradesh, Jharkhand, Maharashtra, Madhya Pradesh, Rajasthan, West Bengal, Odisha, Gujarat, Chhattisgarh & Haryana with its full-stack agritech value chain offerings. As a platform, 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 & 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 & FieldFresh Foods aimed at tapping into the global economy for Indian farmers and helping them provide a better value proposition.

The fundraising comes at a time when the Indian startup ecosystem navigates uncertain global market conditions, witnessing a sharp reversal in pricing & frequency of funding rounds and venture capitalists looking to invest only in companies that offer a proven business model and a clear path to profitability.

Dexter Capital and Vertices Partners were the advisors of this funding round.

About DeHaat:

DeHaat is a technology-based platform offering full-stack agricultural services to farmers, including the distribution of high-quality agricultural inputs, customised farm advisory, access to financial services, and market linkages for selling their produce. For more information on DeHaat, please visit http://agrevolution.in.