Agritech startup DeHaat has raised $60 million in a Series E funding round led by Sofina Ventures and Temasek. Prosus Ventures, RTP Global India and Lightrock India also participated in the round.
The advisors for this funding round were Dexter Capital and Vertices Partners. This is the startup’s third collection. With the capital, it aims to add more than one million farmers to its platform and expand into newer geographies around the world.
The startup offers end-to-end agricultural services to farmers, including distribution of high-quality agricultural inputs, personalized farm advisory, access to financial services and market linkages to sell their produce.
DeHaat has onboarded over 2,000 agribusiness institutions, including input producers, FMCG players, banks, insurance partners and bulk output exporters, offering them direct access to farmers to increase efficiency and transparency.
The company has also been ahead of the curve in sector consolidation with as many as six mergers and acquisitions, the latest being the twin acquisitions of YCook India Pvt Ltd and FieldFresh Foods aimed at tapping into the global economy for Indian farmers.
Shashank Kumar, Co-Founder and CEO of DeHaat, said, “DeHaat has seen 60x growth in the last 40 months and has now laid the foundation for a clear path to profitability. Closing a $60 million round with 70% of the last raise still left signifies a winning status for DeHaat as the market leader in agtech.”
He added, “We aim to use this status to consolidate our growth towards efficiency and profitability. We aim to achieve break-even in the next 12 months along with 2-2.5x growth on a YoY basis.”