01
December
2022
|
09:00
Europe/Amsterdam

DeHaat raises US$60m in Series E round with participation from Prosus Ventures

DeHaat raises US$60m in series E round with participation from Prosus Ventures

Patna / Gurgaon, India – 1 December 2022 - DeHaat, India’s largest full-stack agritech platform offering end-to-end agricultural services to farmers in India, today announced it had raised US$60m in a new financing round. Sofina Ventures & Temasek co-led the series E funding, with other existing investors RTP Global Partners, Prosus Ventures and Lightrock India also participating in the round. This is DeHaat’s third fundraiser in the past two years. The agritech startup adds a million-plus farmers to its platform, expands its footprints to newer geographies across the globe and broadens its service offerings.

Commenting on the fundraising, Shashank Kumar, co-founder & CEO, DeHaat, said: “The 60x growth of DeHaat in the last 40 months has been phenomenal and has laid a foundation for a clear path to profitability. Closing a US$60m round when 70% of the last raise is still left signifies a victorious status of DeHaat as a market leader in AgTech. We are very well capitalised at this point in time & we aim to leverage this status to consolidate our growth towards efficiency & profitability. Hence, we aim to break even in the next twelve months along with 2-2.5x growth on a YoY basis.”

Patna & Gurgaon based business to farmers (B2F) platform was founded in 2012 by IIT, IIM & NIT alumni Amrendra Singh, Shyam Sundar Singh, Adarsh Srivastav & Shashank Kumar, and offers end-to-end agricultural services to farmers, including distribution of high-quality agricultural inputs, personalised farm advisory, seamless access to financial services, and market linkages for selling their produce.

Yana Kachurina, Principal, Sofina, said: "With the intent to become a contributor to SDGs, Sofina supports organisations that positively impact their communities and the environment. We continue to be impressed by DeHaat’s vision and endeavour to empower farmers and local communities. With this additional funding, we hope to create an even deeper and broader impact within the existing network and new geographies."

DeHaat has currently built a robust last-mile supply chain in more than 110,000 villages across 150+ districts of India through its exclusive digitised network of 10,000+ Micro Entrepreneurs called ‘DeHaat Centers’ for last-mile delivery as well as aggregation. DeHaat today serves more than 1.5m farmers across eleven prominent Indian agricultural states, including Bihar, Uttar Pradesh, Jharkhand, Maharashtra, Madhya Pradesh, Rajasthan, West Bengal, Odisha, Gujarat, Chhattisgarh & Haryana with its full-stack agritech value chain offerings. As a platform, it has onboarded 2,000+ agribusiness institutions, including input manufacturers, FMCG players, banks, insurance partners & bulk output exporters, offering them direct access to farmers to drive efficiency & transparency.

The company has also been ahead of the curve in consolidating the sector with as many as six M&As under its belt, the latest being twin acquisitions YCook India Pvt Ltd & FieldFresh Foods aimed at tapping into the global economy for Indian farmers and helping them provide a better value proposition.

The fundraising comes at a time when the Indian startup ecosystem navigates uncertain global market conditions, witnessing a sharp reversal in pricing & frequency of funding rounds and venture capitalists looking to invest only in companies that offer a proven business model and a clear path to profitability.

Dexter Capital and Vertices Partners were the advisors of this funding round.

About DeHaat:

DeHaat is a technology-based platform offering full-stack agricultural services to farmers, including the distribution of high-quality agricultural inputs, customised farm advisory, access to financial services, and market linkages for selling their produce. For more information on DeHaat, please visit http://agrevolution.in.

Boilerplate

About Prosus:

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors in markets including India and Brazil. Through its ventures team, Prosus invests in areas including health, logistics, blockchain, and social commerce. Prosus actively seeks new opportunities to partner with exceptional entrepreneurs who are using technology to improve people’s everyday lives.

Every day, billions of customers use the products and services of companies that Prosus has invested in, acquired or built, including 99minutos,  Airmeet, Aruna, AutoTrader, Autovit.ro, Azos, BandLab, Bibit, Bilt, Biome Makers, Borneo, Brainly, BUX, BYJU'S, Bykea, Captain Fresh, Codecademy, Collective Benefits, Creditas, DappRadar, DeHaat, Detect Technologies, dott, EduMe, ElasticRun, eMAG, Endowus, Eruditus, EVERY, Facily, Flink, Foodics, Good Glamm Group, GoodHabitz, GoStudent, Honor, iFood, Imovirtual, Klar, Kovi, LazyPay, letgo, Luno, Mensa Brands, Meesho, merXu, Movile, Oda, OLX, Otodom, OTOMOTO, Oxford Ionics, PaySense, PayU, Pharmeasy, Platzi, Property24, Quick Ride, Red Dot Payment, Republic, Sharebite, Shipper, ShopUp, SoloLearn, Stack Overflow, Standvirtual, Superside, Swiggy, Thndr, Tonik, Ula, Urban Company, Vegrow, Virgio, watchTowr, and Wayflyer.

Hundreds of millions of people have made the platforms of Prosus’s associates a part of their daily lives. For listed companies where we have an interest, please see: Tencent, Delivery Hero, Remitly, Trip.com, Udemy, Skillsoft, and SimilarWeb.

Today, Prosus companies and associates help improve the lives of more than two billion people around the world.

Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and secondary listings on the Johannesburg Stock Exchange (XJSE:PRX) and a2X Markets (PRX.AJ). Prosus is majority-owned by Naspers.

For more information, please visit www.prosus.com.

About Prosus

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

Read More

Media contacts

General enquiries
+ 27(0)21 406 2121
Press office
[email protected]
Investor relations
[email protected]