Agritech Startup DeHaat Raises $46 Mn In Funding Round Led By Sofina Ventures

Gurugram-based agritech startup DeHaat has raised $46 Mn (INR 366.6 Cr) in a fresh funding round led by Sofina Ventures. RTP Global Partners, Prosus, and Lightrock India also participated in the round. 

As per the startup’s regulatory filing, DeHaat’s board passed a resolution to allot 2,69,192 Series E preference shares at an issue price of INR 13,620 apiece. 

Sofina Ventures’ stake in the startup will increase to 11.73% post this funding round. The fundraise seems to be a part of the startup’s unicorn funding round. Last month, Inc42 exclusively reported that DeHaat was looking to raise $100 Mn in a new round at a unicorn valuation, making it the first agritech startup to enter the coveted club. 

The development of $46 Mn fundraise was first reported by Entrackr.

The fundraise will enable DeHaat to cross Walmart-backed NinjaCart’s valuation of $812 Mn. 

Last year, DeHaat raised $115 Mn in its Series D round, the largest round for any agritech startup in the country. The round was led by Sofina Ventures, Lightrock India, and Temasek. It also saw participation from existing investors Prosus Ventures, RTP Global, Sequoia Capital India and FMO. The last round valued DeHaat between $500 Mn to $550 Mn. 

Founded in 2012 by Amrendra Singh, Shyam Sundar, Adarsh Srivastav & Shashank Kumar, DeHaat offers end-to-end agricultural services to farmers, including distribution of high-quality agri-inputs, customised farm advisory, access to financial services, and market linkages for selling their produce.

The startup has raised $240 Mn till date, including the latest $46 Mn fundraise.

DeHaat posted a consolidated loss after tax of INR 54.1 Cr in FY21, a 198% increase from INR 18.1 Cr in FY20. However, the startup’s revenue from operations rose 186% to INR 358.2 Cr in FY21 from INR 125.1 Cr in FY20. 

Besides, DeHaat’s expenses almost tripled to INR 415.1 Cr in FY21 from INR 143.4 Cr in FY20. 

DeHaat competes against the likes of WayCool Foods, NinjaCart, Gramophone, CropIn, and Krishify in the country’s agritech sector. 

As per an Inc42 report, Indian agritech startups raised $2 Bn between 2014 and the first half of 2022. The agritech sector is projected to have a size of $24 Bn in 2025, with market linkage emerging as the biggest sub-sector.

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