Agritech startup DeHaat has raised $60 million (around Rs 486 crore) from investors, including Temasek to expand its business.
The company offers end-to-end agricultural services to farmers.
In a statement, DeHaat said it has raised $60 million in a new financing round. Sofina Ventures and 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 fundraise in the past two years.
Shashank Kumar, Co-founder & CEO, DeHaat, said “60x growth of DeHaat in last 40 months has been phenomenal and has laid a foundation for clear path to profitability. Closing a $60 million round when 70% of last raise is still left signifies a victorious status of DeHaat as a market leader in AgTech,” he said.
Kumar said the company is well capitalised at this point of time and it aims to leverage this status to consolidate growth towards efficiency and profitability.
“Hence, we aim to breakeven in next 12 months along with 2-2.5x growth on YoY (year-on-year) basis,” Kumar said.
Patna and Gurugram based DeHaat was founded in 2012 by IIT, IIM and NIT alumni Amrendra Singh, Shyam Sundar Singh, Adarsh Srivastav and Shashank Kumar.
It 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.
DeHaat said it has built last-mile supply chain in more than 1,10,000 villages across 150+ districts through its exclusive digitized network of 10,000+ micro entrepreneurs called ‘DeHaat Centers’ for last-mile delivery as well as aggregation.
DeHaat is serving more than 1.5 million farmers located across 11 states namely Bihar, Uttar Pradesh, Jharkhand, Maharashtra, Madhya Pradesh, Rajasthan, West Bengal, Odisha, Gujarat, Chhattisgarh and Haryana with its full stack agri value chain offerings.
As a platform, it has onboarded 2,000+ agribusiness institutions, including input manufacturers, FMCG players, banks, insurance partners and bulk output exporters, offering them direct access to farmers.