Prosus Ventures Leads $30M Funding in Indian Agritech Startup DeHaat
by DealStreetAsia 2021-01-20
Share on

DeHaat, an online marketplace for farm products and services, Tuesday said it has raised $30 million in a Series C funding round led by Prosus Ventures (formerly Naspers Ventures).

RTP Global co-invested in the round with participation from existing investors, Sequoia India, FMO, Omnivore & AgFunder, the company said in a statement.

With the Series C investment, the company plans to strengthen the technology platform and expand to other parts of India.

“The recent investment from marquee investors like Prosus Ventures, RTP Global and others is a strong validation of our goal to become the world’s largest farmer aggregator and will help us scale up in both size and scope,” DeHaat co-founder and CEO Shashank Kumar said.

Based in Gurgaon and Patna, DeHaat was founded in 2012 by Amrendra Singh, Shyam Sundar, Adarsh Srivastav and Shashank Kumar. With an aim to aggregate 10 million Indian farmers while helping them to also increase their profitability, the platform integrates a digital marketplace with a rural network of last-mile service delivery centers and connects various agricultural companies with farmers.

The startup claims to have experienced 3.5x annual growth over the past two years and has created a rural retail network of more than 1,300 DeHaat microentrepreneurs for last-mile delivery, serving more than 360,000 farmers located across Bihar, UP, Jharkhand, and Odisha.

DeHaat had raised about $12 million in a Series A funding round led by venture capital firm Sequoia Capital India, with co-investment from Dutch development bank FMO, in April last year. Omnivore and AgFunder had joined the round as well.

source link