Prosus Ventures, popularly known as Naspers Ventures, led INR 222 crore funding to startup DeHaat.
Writer: Mr. Suraj kumar
As soon as ignored, agritech startups are starting to have a new moment in India.
An online platform DeHaat that provides full-stack agricultural solutions to farmers, raised $30 million in a new funding financing round as this Indian company looks to continue its accelerated development inspite of the pandemic.
Prosus Ventures, popularly known as Naspers Ventures, led Patna and Gurgaon-based startup’s Series C funding round. RTP Global and investors existing investors Sequoia Capital India, FMO, Omnivore and AgFunder also participated, bringing the startup’s to-date raise to over $46 million. (Dexter Capital lead the role consultant in this capital round.)
One of the greatest challenges that Indian farmers face is securing agricultural items which are seeds and fertilizers and finding purchasers after harvesting their crops.
DeHaat, that’s a Hindi word and is a Hindi meaning of village. DeHaat is solving farmer’s core problem by bringing brands, institutional financers and purchasers to at a single platform, that is available by way of a DeHaat helpline centre as well as a software in local languages.
According to the Industry estimated only about 3rd of the farmers produce reaches to the big markets in India. From time immense it has been proven that it’s difficult for farmers to find buyers for their commodities.
Once the crop cycle is over, DeHaat helps farmers to sell their products to bulk buyers like Zomato, business to business marketplace Udaan and Reliance fresh.
The startup that is 10-year-old additionally create a database of crop tests and makes use of IoT to supply farmers with free-of-cost advisory on which crop they should sow on a particular crop season. This agro-startup also helps farmers to secure their working capital with collaboration with various institutional firms.
The startup, which today has their area of working in the eastern regions of Indian states such as Bihar, Uttar Pradesh, Jharkhand, Odisha and West Bengal — serves near to 400,000 farmers, up from about 210,000 in April 2020, said by Shashank Kumar, Co-founder and chief executive of Dehhat.
The way the startup is tackling these challenges is similarly impressive. It works with almost 1,400 micro-entrepreneurs, up from about 400 a year ago, in rural areas who distribute over 4,000 kinds of agri-input products to farmers from their local hubs and then recreate the production to the same hub.
DeHaat is continuing to grow on every front side, like the income it clocks, that is up to 3X to 3.5X since a year ago, Co founder Shashank Kumar said.
Auhutosh Sharma, head of Indian Investment at Prosus Ventures stated that “Prosus Venatures invests in companies around the globe where innovation can dramatically deal with societal problems,”
“DeHaat is catering to a mass market in India, which has worth more than 350 million dollar towards the county’s economy and includes an estimated of 140 million+ farmers. The startup intends to deploy the funded capital to expand work to more states in India, including Rajasthan, Madhya Pradesh and Maharashtra, and in the end provide their services 10 million farmers.
And another area where it promises to concentrate is employing top tech talent. The startup has doubled its workforce since previous year, with numerous high-profile hires from major organizations. The startup is also open to exploring M&A opportunities.
Once overlooked, the number of agritech startups has increased in recent years and many old startups are beginning to receive high funding from top investors. That’s a good news.