DeHaat raises $60 million in Series E funding led by Sofina, Temasek

• ByStartupStory     |    December 1, 2022

Sofina Ventures and Temasek led a $60 million Series E funding round for agritech firm DeHaat. In the round were Prosus Ventures, RTP Global India, and Lightrock India. In this funding round, Vertices Partners and Dexter Capital served as consultants. The startup has raised money three times. With the money, it hopes to expand into additional regions of the world and sign up more than a million farmers for its platform.

Shashank Kumar, co-founder, and CEO of DeHaat, said, “DeHaat has seen 60X growth in the last 40 months and it now has laid a foundation for a clear path to profitability. Closing a $60 million round when 70% of the last raise is still left signifies a victorious status of DeHaat as a market leader in agtech. We aim to leverage this status to consolidate our growth towards efficiency and profitability. We aim to break-even in the next 12 months along with 2-2.5X growth on a YoY basis.”

The start-up provides farmers with end-to-end agricultural services, such as the provision of high-quality agricultural inputs, individualized farm advisory, financial services access, and market connections for the sale of their produce.

Yana Kachurina, Principal, Sofina said, “We continue to be impressed by DeHaat’s vision and endeavor to empower farmers and local communities, and with this additional funding we hope to create an even deeper and broader impact within the existing network as well as new geographies.’ The agritech startup has a digital network of over 10,000 micro-entrepreneurs and a last-mile supply chain in over 110,000 villages across over 150 districts in India. In Bihar, Jharkhand, Maharashtra, West Bengal, Rajasthan, Haryana, Madhya Pradesh, Odisha, Chhattisgarh, Gujarat, and other states, the startup has more than 1.5 million farmers.

DeHaat has signed up more than 2,000 agricultural organizations, including FMCG companies, banks, insurance partners, input manufacturers, and bulk exporters, giving them direct access to farmers in order to increase efficiency and transparency. With as many as six M&As under its belt, the company has been ahead of the curve in consolidating the industry. The most recent acquisitions were twin companies, YCook India Pvt Ltd and FieldFresh Foods, with the goal of helping Indian farmers access the worldwide market.

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