Agritech platform DeHaat on Tuesday said it has raised USD 12 million (Rs 83 crore) from investors, including Sequoia India, for business expansion. Based in Gurgaon and Patna, and founded in 2012 by IIT, IIM and NIT alumni, DeHaat is a technology-based platform offering full-stack agricultural services to farmers, including distribution of high-quality Agri inputs, customised farm advisory, access to financial services, and market linkages for selling their produce.
DeHaat has raised USD 12 million (Rs 83 crore) in Series A round led by Sequoia India, with participation from FMO, the Dutch entrepreneurial development bank. Existing investors Omnivore and AgFunder also participated in this round, a company statement said.
The company earlier raised a USD 4 million (Rs 29 crore) in pre-Series A round in March 2019, led by Omnivore and AgFunder, which was topped up in May 2019 with an additional USD 3 million (Rs 20 crore) of venture debt from Trifecta Capital.
DeHaat will use some of the new funding to automate its supply chain and build the next layer of data analytics to drive further supply chain efficiency, the statement said.
The company plans to scale up to 2,000 rural retail centres for last-mile delivery as well as farm produce aggregation and 1 million farmers on the network by 2021.
Shashank Kumar, Co-Founder and CEO of DeHaat said, “We are excited to partner with Sequoia India and FMO as we drive towards one million farmers on the DeHaat platform.
“Sequoia's deep expertise in B2B platforms and technology products combined with FMO's expertise in agricultural value chain financing will help DeHaat accelerate its growth while delivering massive impact for the farmers we work with.”
DeHaat is currently providing services to over 2,10,000 farmers across Bihar, Uttar Pradesh, Jharkhand and Odisha.
The startup provides farmers with access to over 3,000 agricultural inputs, combined with artificial intelligence-based customised crop advisory content of pest and disease management for major crops delivered via mobile app and call centres.
The platform also aggregates corn, wheat, rice, fruits, and vegetables from farmers on their network and directly supplies to over 200 commodity bulk buyers, including retail chains, e-commerce players, FMCG giants, and SME food processors.