DeHaat, Bihar based online agritech startup, which provides one-stop solution to farmers, has raised $30 million (around Rs 220 crore) in a series C funding led by Prosus Ventures, global technology investor.
Dehaat claims to provide end-to-end farm-based solutions to the farming community. It’s AI-enabled technology provides customized information on crops, including agricultural inputs, farming advisory, financial aid and market linkages via mobile app and call centres.
They aggregate the produce from farmers on its network and directly supply it to bulk buyers, including retail chains and e-commerce companies.
DeHaat was founded in 2012 by Shashank Kumar, Amrendra Singh, Shyam Sundar, and Adarsh Srivastav all hailing from Bihar.
Currently, providing services to 350,000 farmers across Bihar, UP, Odisha, and WB they aim to reach out to 5 million farmers by 2024.
“With the raised funds DeHaat plans to expand the network to different geography, strengthen technology (Deep tech, data science), add Value service for farmers on their platform and strategically plan in investment and acquisitions,” says Adarsh Srivastava to PatnaBeats, Co-founder & Director of DeHaat.
He further adds, “this deal has given their company strong validation of becoming the market leader as the largest farmers aggregator.”
DeHaat has had a good record of raising funds. This time reaching the series C funding round was an achievement as the successful ones are considered to enter this round. DeHaat In April, last year raised $12 million (around Rs 90.75 crore) in a series A funding round led by Sequoia Capital India. In March 2019, it raised $4 million (Rs 27.5 crore) in a pre-Series A round from Omnivore and the US-based AgFunder. Following in may it received Rs 20 crore in venture debt from Trifecta Capital.
According to a Nasscom 2019 report, India is home to more than 450 agritech startups, growing at a rate of 25% year-on-year. Agritech companies have received an investment of $532 million as of April 2020 and have the potential to reach $24 billion by 2025, according to a report published by Ernst & Young, professional services network.