DeHaat secures $115m in Series D funding round
DeHaat, the technology-based platform offering end-to-end agricultural services to farmers in India, yesterday announced it has raised $115 million in Series D funding, led by Belgium-based investment firm Sofina and Lightrock India.
Temasek co-invested in the round, with participation from existing investors Prosus, RTP Global, Sequoia Capital India and FMO.
Shashank Kumar, Co-Founder & CEO at DeHaat, said: “At DeHaat, we are on a mission to build the world’s largest Agritech platform. We have raised $157 million from marquee investors in the last 30 months and our team has grown to a brigade of more than 850 professionals with deep expertise in growth and strategy, supply chain, technology and agricultural science.
“The last seven months have been phenomenal, with 5x growth for DeHaat. Hence we are now well poised to replicate the success in all major agriculture clusters of India in the next 12-15 months.”
Based in Gurgaon and Patna, and founded in 2012 by IIT, IIM & NIT alumni Amrendra Singh, Shyam Sundar, Adarsh Srivastav & Shashank Kumar, DeHaat is a technology-based business to farmers (B2F) platform that offers full-stack agricultural services to farmers.
With an aim to drive efficiency and transparency in this $350 billion industry, DeHaat has been building a digitised network of farmers as well as last-mile service providers, giving direct access to farmers through its physical and digital platforms.
DeHaat also has a strong commitment to continue investing in technology. Earlier this year, it acquired Farm Guide – a SaaS-based platform to provide satellite-based insights and advisory to farmers.
Yana Kachurina, Principal at Sofina, said: “Through our due diligence, we became convinced that DeHaat is bringing substantial value-add to the farming community in India. The uniqueness of its full-stack approach combined with the “phygital” go-to-market strategy further reaffirmed our view that the company is on track to become a significant player in the farming industry in India.”
Vaidhehi Ravindran, Partner at Lightrock India, said: “We have been following DeHaat’s progress through the years and are impressed with their steep growth trajectory combined with a strong network of micro-entrepreneurs. Through innovative social engineering and tech-led execution, DeHaat has built the largest first-mile network for farmers and is well-positioned to help transform agriculture by improving yields and farmer income.”
The company raised this round within nine months of its last round and has completed two strategic acquisitions so far for inorganic growth.
Institutional investors Omnivore Partners and Pi Capital (family fund of Narrottam Shekhsaria Group) which invested in the first institutional round in 2019 have exited partially in the current round. Dexter Capital and Vertices Partners were the advisors of this funding round.