Patna-based agritech startup DeHaat has raised ₹30 crores in seed funding from Omnivore Partners. AgFunder, a US-based venture firm solely focused on agriculture segment also participated in the funding round along with multiple angel investors.
This is the first institutional round raised by DeHaat, according to a Mint report. The startup earlier raised ₹50 lakhs from angel investors in 2014, and another ₹50 lakhs from IIM Calcutta Innovation Center in 2016.
Founded by IIT-D alumnus Shashank Kumar, DeHaat is a digital marketplace which provides end-to-end services like high-quality segment specific inputs, customized advising, financial services as well as market linkages to farmers for selling their produce.
With a presence in Uttar Pradesh, Bihar and Odisha, the startup currently serves about 56,000 small farmers with land less than 2 hectares. DeHaat believes that this belt is the most fertile and lacks any proper connectivity.
DeHaat will use the freshly raised capital to increase its reach to 2.5 lakh farmers in the next one year. It plans to set up 14 regional warehouses to store inventory. However, the startup will not own the inventory. DeHaat plans to expand to Rajasthan, Madhya Pradesh, and Maharashtra.
It also is working on adding more agri-services to the platform to become a one-stop solution for all farming-related problems. DeHaat has added financial products like farm credit and crop insurance.
In the current financial year, ending in a few days, the company expects a two-fold jump in its revenue to ₹45 crores from ₹21 crores in FY18.
Agritech startup has been in the buzz for quite a few days. Recently, AgroStar raised ₹189 crores from Bertelsmann and TartanSense, an agritech robotics startup also raised ₹14 crores in the past week.