Agritech Startup DeHaat Raises Rs 366 Cr In Series E Round
Agritech platform DeHaat has raised Rs 366.6 crore in a funding round led by Sofina Ventures. The funding round also saw participation from RTP Global Partners, Prosus, and Lightrock India.
DeHaat’s board has passed a special resolution to 2,69,192 Series E preference shares at an issue price of Rs 13,620 per share to raise Rs 366 crore or $46 million, as per the regulatory filing.
Sofina Ventures led the funding round with Rs 240 crore and will hold 11.73% of the stake. RTP Global Partners, Prosus (Naspers Ventures) and Lightrock India invested Rs 48 crore, Rs 32 crore, and Rs 46.6 crore, respectively.
DeHaat | Technologies For Next Agri Revolution
Founded by Shashank Kumar, Amrendra Singh, Adarsh Srivastava and Shyam Sundar Singh, DeHaat provides end-to-end solutions and services to the farming community in India.
The startup is building AI-enabled technologies to revolutionize the supply chain and production efficiency in the farm sector. Currently, the startup operates in Bihar, UP, Odisha, and WB, with one million+ farmer in its service network.
DeHaat offers customized inputs, advising, financial services and market linkages to farmers for distribution. The agritech startup connects farmers with lenders of the third party to get the working capital and for selling in bulk, such as Reliance Fresh, Zomato and Udaan for bulk selling.
By 2024, the agritech startup aims to bring its services to 5 million farmers.
In January this year, DeHaat acquired agri-input marketplace startup Helicrofter to expand its presence in Maharashtra and other parts of West India. Later in April, it acquired a majority stake in Y-Cook India in an all-cash deal.
Recently, during PM Kisan Samman Sammelan, Union Agriculture Minister Narendra Singh Tomar announced a raft of initiatives to help agritech startups in the county. The Union Agriculture Minister announced setting up an INR 500 Cr startup accelerator to scale up agritech startups in the country.