DeHaat rake in the largest financing round in the Indian agritech sector

DeHaat, an online marketplace for agricultural services and products, has raised $ 115 million in what appears to be the largest funding round for an agricultural technology startup in India. The company’s Series D round was led by Belgian investment firm Sofina and Lightrock India.

Temasek took part in the round with the participation of the existing investors Prosus, RTP Global, Sequoia Capital India and FMO. The startup based in Patna and Gurugram had previously raised $ 30 million in its Series C round in January of this year.

Corresponding Trickypedia‘s sources, DeHaat has raised the new round at a valuation of over $ 500 million.

DeHaat offers farmers tailor-made inputs, advice, financial services and market connections for sales. Importantly, it also connects farmers with outside lenders for their working capital and large companies like Reliance Fresh, Zomato and Udaan for bulk sales.

Currently it is in Bihar, Uttar Pradesh, Odisha and West Bengal with 350,000 farmers and goals Supply 5 million farmers with its services by 2024.

Earlier this year DeHaat acquired Farm Guide, a SaaS-based platform that provides farmers with satellite insights and advice. According to the company, it has grown 5x over the past seven months and aims to continue a similar growth dynamic over the next 18-24 months.

While DeHaat did not share sales figures, it had operating sales of Rs 125.18 billion in FY20 compared to Rs 42.46 billion in FY19. According to its last published annual financial report, the company had total expenditures of Rs 143.40 billion in FY20, down from Rs 45.63 billion in FY19.

The company recorded a 7-fold increase in losses for the fiscal year ended March 2020 to Rs.18.15 billion from Rs. 2.55 billion in the previous fiscal year.

In addition to DeHaat, Nijacarts $ 90 million The Series C round and Waycool’s potential over $ 50 million rounds are the second and third largest fundraising drives in agritech. Trickypedia would have exclusively reported Waycool’s potential round on October 13th.

Ninjacart is appreciated at $ 500 million while Waycool was valued at $ 335 million in its most recent financing tranche.

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