DeHaat raises $115Mn in the largest agritech round in India
By MYBRANDBOOK
DeHaat secured $115 million in a Series D funding round led by Belgium-based investment firm Sofina and Lightrock India.
Founded in 2012 and based in Gurugram and Patna, DeHaat is a technology-enabled platform providing end-to-end agricultural services to farmers in India, runs a helpline to engage with farmers and also operates an eponymous Android app that is accessible in multiple languages. The uniqueness of its full-stack approach combined with the ‘phygital’ go-to-market strategy further reaffirmed that the company is on track to become a significant player in the farming industry in India.
Besides Sofia and Lightrock India, Temasek and existing investors Prosus Ventures, RTP Global, Sequoia Capital India and FMO also participated in the new round, which brings its to-date raise to $161 million of which $157 million has arrived in the last 30 months.
“We have raised $157 million from marquee investors in the last 30 months and our team has grown to a brigade of 850+ professionals with deep expertise in growth and strategy, supply chain, technology, and agricultural science. The last seven months have been phenomenal with 5x growth for DeHaat. Hence, we are now well poised to replicate the success in all major agriculture clusters of India in the next 12-15 months.” Shashank Kumar, Co-founder and CEO, DeHaat said in a press note.
He also said the company will utilise the funds to expand its operations in new states like Andhra Pradesh, Telangana and Maharashtra. He further added that tthe proceeds would be utilised on new technology and to introduce more value-added services.
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