DeHaat’s FY24 Loss Widens 3.76% To INR 1,133 Cr

Agritech startup DeHaat saw its consolidated net loss widen by 3.76% to INR 1,133.1 Cr in the financial year 2023-24 (FY24) from INR 1,094.4 Cr a year ago, largely due to a surge in overall expenses.

The increase in loss was primarily due to a non-cash CCPS fair value adjustment of INR 888.4 Cr in FY24 compared to INR 723 Cr in FY23, while the company’s EBITDA improved to INR 191 Cr from INR 330 Cr in FY23.

However, the Peak XV-backed startup said it managed to trim its operating losses by 42% YoY in FY24 and was on track to achieve breakeven by the last quarter of the ongoing financial year (Q4 FY25).

“We are on track to achieve 40% YoY growth and more importantly achieve quarterly profitability in Q4 of FY25,” said Shashank Kumar, cofounder and CEO of DeHaat.

The Gurugram-based startup reported a strong 36% year-on-year growth in its total revenue to INR 2,720 Cr in the financial year ended March 2024 on the back of higher sale of agricultural products. 

DeHaat recorded agri-output sales of INR 2,121.61 Cr and agri-input sales of INR 545.82 Cr during the year under review.

“We have been experiencing the operating leverage at scale in each of the 11 Indian states we operate in with our end-to-end agri value chain interventions. There has been margin expansion consistently throughout FY24 due to higher percentage contribution of businesses like exports, processing of agri produce and private or exclusive distribution partnerships of agri inputs,” Kumar added.

DeHaat’s operating expenses increased by 7.1% to INR 498 Cr in the year ended March 2024, compared to INR 465 Cr in FY23. 

The company said that controlled rise in expenses led to an 86% improvement in gross margin and 10% improvement in EBITDA burn.

Founded in 2012 by Shashank Kumar and Amrendra Singh, DeHaat is a comprehensive  agritech platform that provides end-to-end agricultural services to farmers. This includes quality agricultural inputs, personalised farm advice, financial access, and market connections to sell their produce. The startup has raised $221 Mn from investors including Temasek and Prosus Ventures, and was last valued at $700 Mn.

The company has expanded its digital network to over 15,000 DeHaat Centers across 11 states, offering personalised crop advisory and digital farmer services to 2.7 Mn farmers. Through these centres, DeHaat distributes more than 3,000 agricultural inputs and has secured exclusive distribution partnerships with 10+ global bio agri-input innovators to support sustainable agriculture.

The startup’s farm produce aggregation business has seen significant growth, doubling to 6,000 MT per day over the last 18 months. The company now exports to more than 26 countries, strengthening its position in the agricultural supply chain. 

In September, DeHaat partnered with Drone Destination to introduce drone-based agricultural solutions, deploying 250 drones across its network to enhance farming efficiency.

The Patna and Gurugram-based startup also continues to upgrade its AI-enabled digital tools for personalised crop advisory while expanding its last-mile infrastructure and strategic partnerships, working towards its aim of empowering 10 Mn farmers in the next 5 years.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.