DeHaat cuts losses by 15% to Rs 207 Cr in FY25

Full-stack agritech marketplace DeHaat has crossed the Rs 3,000 crore gross merchandise value (GMV) in FY25, riding on a steady uptick in its agri-output business. The growth also helped the company narrow its losses by 15% during the fiscal year ended March 2025.

According to its consolidated annual financial statements filed with the Registrar of Companies (RoC), DeHaat’s gross revenue grew 12.5% to Rs 3,010 crore in FY25, up from Rs 2,675 crore in FY24.

The bulk of DeHaat’s earnings came from the sale of agri-outputs, including spices such as red chili, turmeric, cumin, and coriander, where some were marketed under its in-house brand Farm Plus. This vertical contributed close to 80% of its overall revenue, while the sale of seeds, fertilizers, and pesticides (agri-inputs) accounted for the remaining share.

Besides its core operations, DeHaat also earned Rs 30 crore from interest on deposits and gains on investments, pushing its total revenue to Rs 3,040 crore in FY25 against Rs 2,720 crore in FY24.

On the expense side, procurement of agri materials remained the largest cost driver, forming 83% of overall expenditure. This cost went up by 11% to Rs 2,708 crore in FY25, in line with the company’s scale. The agritech firm also trimmed its employee benefit expenses by 15% during the year, while spending on promotions, branding, freight, legal, and other overheads took the total expenditure to Rs 3,257 crore in FY25.

Caveat: We have not considered the income and expense of Rs 576 crore and Rs 888 crore from fair value adjustment of preference shares in both FY25 and FY24 due to their non-cash nature.

As per the filings, DeHaat reported a net profit of Rs 370 crore in FY25. However, after accounting for the fair value adjustments, the firm ended the fiscal year with a net loss of Rs 207 crore, an improvement over the Rs 245 crore loss it posted in FY24.

At the unit level, DeHaat spent Rs 1.08 to earn a rupee of revenue in FY25. Its ROCE and EBITDA margin stood at -36% and -5.78%, respectively. The company closed the year with total current assets of Rs 1,149 crore, including Rs 78 crore in cash and bank balances.

Earlier this year, DeHaat acquired AgriCentral from Olam Agri in an all-cash transaction. According to startup data platform TheKredible, the agritech firm has raised $230 million to date and is valued at over $700 million. The company counts Peak XV, Prosus, Sofina Ventures, Lightrock, RTP Global, and Temasek, among others, as its investors.

The numbers tell the story of a firm on the verge of sustainable profits, but not the arduous route it has had to take to get there. Dehaat’s mainstay now, of selling spices and staples including lentils is a business capable of delivering steady, but  low margin growth at best. That will not thrill investors looking for a bigger breakthrough in the agritech space from the firm. Like many other firms that started off with a model that was closer to farmers than consumers, Dehaat has also found itself veering towards the latter to make the numbers add up. We don't have a breakup on share of e-commerce versus offline, but a high share of the former also doesn't bode well for long term margins. Dehaat needs to pull out a higher margin and sustainable win soon to provide an exit that delivers for its investors.