Indian Agritech DeHaat Tops $700 Million Valuation in Latest Funding
DeHaat, a startup that offers a wide range of agricultural services to farmers in India, has raised $60 million in a new funding round as it looks to deepen its penetration in the country and reach break-even profitability within two years, according to TechCrunch.
Sofina Ventures and Temasek co-led the Patna and Gurgaon-headquartered startup’s Series E funding, it said, at a valuation between $700 million and $800 million, according to a person familiar with the matter. Existing backers RTP Global Partners, Prosus Ventures and Lightrock India also participated in the new round.
Farming is a $350 billion industry in India, but farmers face myriad challenges in the country that were largely unaddressed until upstarts such as DeHaat arrived on the scene. Farmers struggle with securing agri-inputs, finding buyers for their produce and in maintaining enough runway.
Giants such as Reliance and Adani Group offer some services to farmers, but their involvement in the agriculture sector remains largely limited. A fast-growing population and climate change mean Indian farmers need to adopt technology quickly to improve — and maintain — their yields.
MORE BY TECHCRUNCH
Agritech Company Cropin Launches Its Cloud Platform to Digitize the Agricultural Industry
Subscribe Today For
