DeHaat reports Rs 2,675 Cr gross revenue in FY24; losses shrink 34%

Full-stack agritech marketplace DeHaat achieved 36% growth in its gross scale during the fiscal year ending March 2024, crossing the Rs 2,600 crore revenue mark in the same period. Moreover, the firm’s bottom line improved significantly as it reduced losses by 34% in FY24.

DeHaat’s gross revenue aka gross merchandise value (GMV) spiked to Rs 2,674.8 crore in FY24 from Rs 1,965 crore in FY23, its annual financial statement filed with the Registrar of Companies shows.

DeHaat is a three-dimensional agritech marketplace that offers crop advisory, weather reports, and mandi rates for agricultural output, while micro-entrepreneurs can open DeHaat Centres to provide these services. Of course, these original aims continue to be overshadowed by the sale of agri outputs comprehensively.

DeHaat’s growth was primarily driven by a 49.2% increase in the sale of agri outputs, which contributed Rs 2,121.6 crore. This income formed 79.3% of the firm’s total revenue. The sale of agri inputs remained flat, with a modest 1.1% increase to Rs 545.82 crore. The Prosus-backed company also earned Rs 45 crore from interest and other income, bringing total revenue to Rs 2,720 crore in FY24.

The cost of materials was the largest cost center for DeHaat in FY24, amounting to Rs 2,414 crore. This expense accounted for 81.4% of total costs and rose by 29.6% year-on-year. Transportation charges surged by 76.8% to Rs 89.42 crore, while employee benefit expenses saw a decline of 13% to Rs 206.86 crore. Ultimately, DeHaat’s total expenses increased by 15.2% to Rs 2,965 crore in the last fiscal year.

To check complete Expense Breakdown visit thekredible.comView full data

Caveat: We have excluded the costs of fair value adjustment of Compulsory Convertible Preference Shares (CCPS) for both years (FY24 and FY23) as they were non-cash in nature.

Despite the substantial growth in revenue, DeHaat’s losses shrank 34% to Rs 244.68 crore in FY24 compared to Rs 371 crore in FY23. Its ROCE and EBITDA margins stood at -143.96% and -39.69%, respectively. On a unit level, the company spent Rs 1.11 to earn a rupee in FY24.

DeHaat competes with Waycool, Ninjacart, and several others. While Waycool anticipates Rs 1,600 crore in revenue for FY24, Ninjacart reported Rs 2,002 crore in gross revenue in the last fiscal year.

According to startup data intelligence platform TheKredible, DeHaat has raised around $230 million to date and was last valued at over $705 million. Peak XV is the largest stakeholder in the firm with 13%, followed by co-founder Shashank Kumar and Sofina Ventures.

With its core expenses quite sticky with limited scope for cuts, DeHaat faces an uphill climb to finally show profits, even as it scales up. The firm looks like it will need at least one more, if not more fund infusions, raising the risk of more changes to come as investors call the shots.