Agritech Startup: DeHaat acquires 75% stake in YCook
- ByStartupStory | April 18, 2022
DeHaat, an agritech startup is acquiring a majority stake in Bengaluru-based ready-to-cook processed food startup YCook. Among agritech startups in India last year, DeHaat, which has raised one of the biggest fundraisers, will hold close to about 75.5% stake in YCook, including secondary purchase and ESOP pool, on a fully diluted basis.
In its extraordinary general meeting on March 31, 2022, YCook, passed a resolution to allot 48,652 Series C CCPS to Green Agrevolution Private Limited (DeHaat). DeHaat will be infusing $3.1 Mn in YCook, for the allotment.
In 2018, from Binny Bansal’s 021 Capital and Netherlands’ OikoCredit, YCook had last raised $5 Mn in its Series B round. This means that the ongoing transaction is happening at a lower valuation. As on March 31, 2021 (pre-money), the valuation of YCook, stood at $2 Mn. However, as per an estimate, YCook has been valued at a little over $5 Mn by the investment from DeHaat.
The Bengaluru-based YCook, founded in 2013 by Janardhan Swahar, Vijay Reddy and Gayathri Swahar, claims to offer pre-cooked vegetables, fruits, and lentils without adding any additives and preservatives. Steamed snacks and ingredients are further sold by YCook. One of the biggest USPs of YCook is that it claims that at normal room temperature when not opened, its products’ shelf life is one year.
It must be noted that agri-focused investor – Omnivore have backed both DeHaat and YCook.
A few months after it acquired agri-input marketplace Helicrofter, the development from DeHaat came in. DeHaat had claimed that to expand operations in Maharashtra and other states in western India it would be helped by Helicrofter’s acquisition.
Prior to that, in order to create a full-stack platform for farmers and agri-businesses in India, DeHaat had acquired FarmGuide, a B2B SaaS platform. A platform which builds farm management solutions for farmers, Veezamart has been acquired by it in 2018, in order to expand its farmers reach.
With DeHaat’s goals of strengthening its foothold in southern India and also to foray into packaged food, acquiring majority stake in YCook seems to be in line, which YCook already offers under the ‘Tada’ brand name.
DeHaat founded in 2012 by Amrendra Singh, Shyam Sundar, Adarsh Srivastav & Shashank Kumar, offers end-to-end agricultural services to farmers, including distribution of high-quality agri-inputs, access to financial services, customised farm advisory, and market linkages for selling their produce.
In its Series D from Sofina, Lightrock India, Temasek and Prosus Ventures, the startup raised $115 Mn, late last year. After tax of INR 54.1 Cr in FY21, it posted a consolidated loss, a 198% increase from the INR 18.1 Cr loss it recorded in FY20. Its revenue from operations rose 186% from INR 125.1 Cr in FY20 to INR 358.2 Cr in FY21.
Follow Startup Story
Related Posts
