DeHaat Completes First ESOP Buyback Worth INR 10 Cr

SUMMARY

In its first ESOP buyback, 153 team members, which includes senior vice presidents to field teams, were benefited

DeHaat said that so far it issued ESOPs worth over INR 100 Cr to more than 200 individuals

DeHaat also said that its revenue from operations increased 40% year-on-year (YoY) to INR 2,700 Cr in FY24 while loss narrowed by 50% YoY

Peak XV-backed agritech startup DeHaat has completed its first-ever employee stock ownership plan (ESOP) buyback programme worth INR 10 Cr.

In an announcement on Wednesday (June 12), DeHaat said that so far it issued ESOPs worth over INR 100 Cr to more than 200 individuals. In its first ESOP buyback, 153 team members, which includes senior vice presidents to field teams, were benefited.

Cofounder and CEO of DeHaat, Shashank Kumar, said “DeHaat’s consistent growth and unparalleled performance to empower Indian farmers for over a decade has been only possible because of the commitment and efforts of our team. The ESOP buyback program demonstrates our dedication to our employees, and we are glad to generate wealth creation opportunities.”

Founded in 2012 by Kumar, Amrendra Singh, Shyam Sundar, and Adarsh Srivastav, Patna and Gurugram-based DeHaat is a full-stack business-to-farmer (B2F) platform, offering end-to-end agricultural services to farmers. Its services include the distribution of high-quality agri-inputs, customised farm advisory, access to financial services, and market linkages for selling their produce.

DeHaat also said that its revenue from operations increased 40% year-on-year (YoY) to INR 2,700 Cr in FY24 while loss narrowed by 50% YoY.

The startup claimed that its topline growth was further augmented by operating leverage and an increased focus on profitability through high-margin businesses like exports of sustainably grown farm produce, food processing and sale of biological agri-inputs.

DeHaat aims to achieve full-year profitability in the current fiscal year, FY25.

Since its inception, the startup claims to have served over 2 Mn farmers across 11 states in India through its digital network of over 11,000 ‘DeHaat Centres’. It also boasts a network of more than 1,500 stock-keeping units, delivering over 15,000 orders per day to more than 15 countries.

Recently, the startup also launched its products in modern trade, quick commerce and ecommerce platforms under the brand name Honest Farms.

In November last year, it also acquired fruit export firm Freshtrop Fruits in an all-cash deal.

Over the year, the startup has raised over $300 Mn in funding across multiple rounds. The company is also backed by the likes of Sofina Ventures, RTP Global Partners, Prosus, and Lightrock India, among others.

In FY22, DeHaat had posted a net loss of INR 1,563.9 Cr which widened over 253% YoY while revenue from operations surged 2.6X YoY to INR 1,273.42 Cr.