DeHaat raises $60 Mn in Series E; eyes breakeven in next 12 months (1)

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DeHaat Raises 60 Mn in Series E Eyes Breakeven
in Next 12 Months
Full-stack agritech platform DeHaat has
scooped 60 million in a Series E round
co-led by Temasek and Sofina Ventures.
Existing investors such as RTP Global,
Prosus Ventures, and Lightrock also
participated in the financing round. The company
has already received around 46 million as a part
of the Series E round. Entrackr had exclusively
reported about the fundraise in October. This is
DeHaats third fundraise in the past two years.
The Patna and Gurugram-based company closed a
115 million Series D round in October last year.
As per the company, 70 of the last raise is
still left in its account. Ten-year-old DeHaat
offers end-to-end agricultural services to
farmers, including distribution of high-quality
agricultural inputs, personalized farm
advisory, access to financial services, and
market linkages for selling their produce. The
company claims that it currently built a
last-mile supply chain in more than 110,000
villages across 150 districts of India through
its network of more than 10,000 micro
entrepreneurs for last-mile delivery as well as
aggregation.
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The firm currently serves more than 1.5 million
farmers located across 11 states including Bihar,
Uttar Pradesh, Jharkhand, Maharashtra, Madhya
Pradesh, Rajasthan, West Bengal, Odisha,
Gujarat, Chhattisgarh, and Haryana. According to
the company, it has also onboarded more
than 2,000 agribusiness institutions including
input manufacturers, FMCG players, banks,
insurance partners, and bulk output
exporters, offering them direct access to
farmers. Besides back-to-back fundraising, DeHaat
has acquired around half a dozen startups, the
latest being YCook India and FieldFresh
Foods. For the fiscal year 2021-22 (FY22),
DeHaats scale soared 3.6X to Rs 1,274 crore,
as per the annual financial statement with the
Registrar of Companies. As per Fintrackrs
analysis, the sale of agricultural inputs
accounted for 99 of its total revenue. The
firms losses also spiked to Rs 164 crore in FY22
as compared to Rs 54 crore in FY21. The company
aims to break even in the next 12 months along
with 2-2.5X growth on a Y-o-Y basis. Revenue
wise, DeHaat is on top among agritech startups
while Ninjacart missed the Rs 1,000 crore
revenue mark by a small margin. Waycool
claims to have recorded Rs 1,008 crore in
revenue in FY22. In terms of valuation, Ninjacart
is valued at 815 million while Waycool was last
valued at 700 million. DeHaat is estimated to be
valued at around 700-800 million, as per
Fintrackrs estimates.
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