New Delhi, India-based DeHaat, an agrotechnology-based platform offering services to famers in India, has raised $30 million in Series C financing. Prosus Ventures led the round.
New Delhi, India – 19 January, 2021 – DeHaat, the technology-based platform offering end-to-end agricultural services to farmers in India, today announced it has raised US$30 million in Series C funding, led by Prosus Ventures (formerly Naspers Ventures). RTP Global co-invested in the round with participation from existing investors, Sequoia India, FMO, Omnivore & AgFunder.
Shashank Kumar, Co-Founder & CEO, DeHaat said, “I am extremely proud that the DeHaat value proposition is very well demonstrated at a sizeable scale and that we are improving the livelihoods of Indian farmers and rural microentreprenuers with the help of technology. The recent investment from marquee investors like Prosus Ventures, RTP Global and others is a strong validation of our goal to become the world’s largest farmer aggregator and will help us scale up in both size and scope.”
Based in Gurgaon and Patna, DeHaat was founded in 2012 by IIT, IIM , NIT almuni Amrendra Singh, Shyam Sundar, Adarsh Srivastav and Shashank Kumar. The company is a technology-based business to farmers (B2F) platform that offers full-stack agricultural services to farmers, including distribution of high-quality agricultural inputs, customized farm advisory, access to financial services, and market linkages for selling their produce.
With an aim to aggregate 10 million Indian farmers while helping them to also increase their profitability, the platform integrates a digital marketplace with a rural network of last-mile service delivery centers and connects various agricultural companies with farmers.
DeHaat has experienced 3.5x annual growth over the past two years and has created a rural retail network of more than 1300 DeHaat microentreprenuers for last mile delivery, serving more than 360,000 farmers located across Bihar, UP, Jharkhand & Odisha.
With a strong 60 member tech team, DeHaat has developed various web and mobile interfaces which deliver 100% transparency to farmers regarding associated agricultural input companies as well as bulk buyers of agricultural produce. With the Series C investment, the company plans to strengthen the technology platform and expand geographically to other parts of India.
Ashutosh Sharma, Head of India Investments, Prosus Ventures said, “Prosus Ventures invests in industries around the world where innovation can significantly address big societal needs. DeHaat is catering to a massive market in India with the agriculture sector worth more than $350 billion to the country’s economy and consisting of an estimated 140 million+ farmers. Through its end-to-end agricultural services offerings, DeHaat will have a major societal impact in India, improving the earning potential for Indian farmers and overall yield for the sector while also enabling microentrepreneurs all over the country, including in rural areas where there is often less income opportunity.
Galina Chifina, Partner, RTP Global said, “We have been watching DeHaat for 18 months and have been impressed with the speed of development that the team is demonstrating. Agritech is exploding in India and DeHaat is building a unique infrastructure platform and is one of the only companies delivering an end-to-end solution for the farming community in India. It is a challenging market and Shashank and the team have the expertise needed to scale. We’re excited to be onboard and lend our support.”
Currently operating across Bihar, Uttar Pradesh, Jharkhand and Odisha, DeHaat provides farmers with access to over 4,000 agricultural inputs, combined with AI-based customised crop advisory content of pest and disease management for major crops delivered via mobile app and call centers. The platform also aggregates corn, wheat, rice, bajra, fruits, and vegetables from farmers on its network and directly supplies to over 500 commodity bulk buyers, including retail chains, e-commerce players, FMCG giants, and SME food processors.
Dexter capital was the exclusive advisor of this funding round.
DeHaat is a technology-based platform offering full stack agricultural services to farmers, including distribution of high quality agricultural inputs, customized farm advisory, access to financial services, and market linkages for selling their produce. For more information on DeHaat, please visit: http://agrevolution.in.