Entrepreneurship

Agritech startup DeHaat scores $30 Mn in Series C round

Read more at entrackr.com

DeHaat, an online marketplace for farm services and products, has raised $30 million in its Series C round led by Prosus Ventures (previously Naspers). RTP Global and existing investors Sequoia Capital India, FMO, Omnivore and AgFunder also participated in the round.

Sequoia had led a $12 million round in DeHaat in April 2020. The Patna and Gurugram-based startup has so far raised $46 million in equity and $3 million in venture debt in its eight years of operations.

According to DeHaat, the fresh proceeds will be used for network expansion to different states such as Rajasthan, Madhya Pradesh and Maharashtra, and to strengthen its technology.

Founded by Shashank Kumar, DeHaat provides end-to-end services like high-quality segment-specific inputs, customised advising, financial services and market linkages to farmers for the sale of their produce. 

DeHaat connects farmers with institutional partners to provide them working capital and at the end of the season and helps them sell their yields to bulk buyers such as Reliance Fresh, Zomato and Udaan, among others. It also provides customised crop advisory content of pest and disease management for major crops delivered through a mobile app and call centers.

The company claims to have registered 3.5x annual growth over the past two years and has served close to 400,000 farmers across Bihar, UP, Jharkhand, West Bengal and Odisha.

Over 30 agritech startups in India have raised funds since January 2020 reflecting the increased interest of investors in the sector in the past couple of years. Besides more than two dozen early-stage startups funded during the period, this space also saw larger rounds in scaled startups including Ninjacart, Waycool and Crofarm.

Read more at entrackr.com

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