DeHaat raises $60 Mn in Series E; eyes breakeven in next 12 months

Full-stack agritech platform DeHaat has scooped $60 million in a Series E round co-led by Temasek and Sofina Ventures. Existing investors such as RTP Global, Prosus Ventures, and Lightrock also participated in the financing round.

The company has already received around $46 million as a part of the Series E round. Entrackr had exclusively reported about the fundraise in October. This is DeHaat’s third fundraise in the past two years. The Patna and Gurugram-based company closed a $115 million Series D round in October last year. As per the company, 70% of the last raise is still left in its account.

Ten-year-old DeHaat 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 for selling their produce. The company claims that it currently built a last-mile supply chain in more than 110,000 villages across 150 districts of India through its network of more than 10,000 micro entrepreneurs for last-mile delivery as well as aggregation. 

The firm currently serves more than 1.5 million farmers located across 11 states including Bihar, Uttar Pradesh, Jharkhand, Maharashtra, Madhya Pradesh, Rajasthan, West Bengal, Odisha, Gujarat, Chhattisgarh, and Haryana.

Also read: The rise of Indian agritech startups since 2020: Entrackr report

According to the company, it has also onboarded more than 2,000 agribusiness institutions including input manufacturers, FMCG players, banks, insurance partners, and bulk output exporters, offering them direct access to farmers.

Besides back-to-back fundraising, DeHaat has acquired around half a dozen startups, the latest being YCook India and FieldFresh Foods.

For the fiscal year 2021-22 (FY22), DeHaat’s scale soared 3.6X to Rs 1,274 crore, as per the annual financial statement with the Registrar of Companies. As per Fintrackr’s analysis, the sale of agricultural inputs accounted for 99% of its total revenue. The firm’s losses also spiked to Rs 164 crore in FY22 as compared to Rs 54 crore in FY21. 

The company aims to break even in the next 12 months along with 2-2.5X growth on a Y-o-Y basis.

Revenue wise, DeHaat is on top among agritech startups while Ninjacart missed the Rs 1,000 crore revenue mark by a small margin. Waycool claims to have recorded Rs 1,008 crore in revenue in FY22. In terms of valuation, Ninjacart is valued at $815 million while Waycool was last valued at $700 million. DeHaat is estimated to be valued at around $700-800 million, as per Fintrackr’s estimates.