DeHaat’s gross revenue nears Rs 2,000 Cr in FY23, losses soar 94%


Full-stack agritech marketplace DeHaat raised $60 million led by Sofina Ventures during FY23 with a target to breakeven in FY24. However, the target appears to be an ambitious one as the firm’s losses widened to Rs 371 crore during the fiscal year ending March 2023.

We will analyze the expense pattern in the second half of the story. For now, let’s focus on its gross collection (aka GMV) and its streams. 

DeHaat’s gross revenue grew 54.2% to Rs 1,965 crore in FY23 from Rs 1,274 crore in FY22, according to its annual financial statements with the Registrar of Companies (RoC).

Financial FY23


Operating Revenue

Total Expense

Profit / Loss

Amount in ₹ Cr

DeHaat is a marketplace for the agricultural sector which offers distribution of high-quality agrarian inputs, advisory, lending, and market linkages for selling their produce. According to the company, it expanded its footprint across 11 states, with more than 10,000 DeHaat franchise centers serving 1.5 million farmers across 100,000 villages as of March 31, 2023

Revenue from the sale of agricultural products formed 98.5% of the revenue while it also made Rs 32 crore from the sale of investments during FY23.

In the line of scale, the cost procurement formed 78.6% of the overall cost which grew 50.6% to Rs 1,862 crore in FY23 from Rs 1,236 crore in FY23. DeHaat’s employee benefit cost (including ESOP cost), transportation, rent and warehousing, and brand and sale promotion cumulatively led the overall cost to Rs 2,368 crore in FY23 from Rs 1,478 crore in FY22. Head to TheKredible, for a detailed breakdown of Dehaat’s expenditure in FY23.

Expense Breakdown

Total ₹ 1478 Cr
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Total ₹ 2368 Cr
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  • Cost of materials consumed
  • Employee benefit cost
  • Transportation and freight
  • Rent and Warehousing
  • Brand and sales promotion
  • Others

Note: We have excluded the costs of fair value adjustment of Compulsory Convertible Preference Shares (CCPS) for both years (FY22 and FY23) as they were non-cash in nature.

Despite a noticeable growth, DeHaat losses soared 94.2% to Rs 371 crore in FY23. Its ROCE and EBITDA stood at -34.86% and -16.52% in the last fiscal year. On a unit level, DeHaat spent Rs 1.21 to earn a rupee from ops in FY23.


FY22 FY23
EBITDA Margin -13.29% -16.52%
Expense/₹ of Op Revenue ₹1.16 ₹1.21
Roce -21.05% -34.86%

Dehaat raised around $230 million to date and is valued at $705 million. As per startup data intelligence platform TheKredible, Peak XV Partners is the largest external shareholder with 14.14% followed by Sofina, Naspers, Omnivore, and others. Check TheKredible to see the complete shareholding pattern of India’s most funded agritech firm.

The impact of the fund raising has been visible, if we talk in terms of expansion of channels and volumes at Dehaat. However , the sharp rise in costs is a worry , indicating areas where the firm will need to batten down or perhaps even let go. With a high investor share now, expect decisions to be taken sooner rather than later.

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