Agritech Startup DeHaat FY23 Revenue Set To Increase 80%
The CEO of agritech firm DeHaat, Shashank Kumar predicts that enhanced sales of farm inputs to farmers and trading of agricultural products in local and foreign markets will cause the Startup DeHaat FY23 revenue to rise by more than 80% this fiscal year to over Rs 2,300 crore. He emphasised, “DeHaat will also achieve positive EBIDTA (Earnings Before Interest, Taxes, Depreciation, and Amortization) by the end of this calendar year”.
Farmers can choose from a wide range of agriculture services on the technology-driven business-to-farmer platform DeHaat.
They include providing access to high-quality agricultural products, individualised farm advice, financial services, and market connections for the sale of their produce.
DeHaat has received $221 million in funding thus far from investors such as Sofina, Lightrock, Prosus Ventures, Sequoia Capital India, Omnivore Partners, and FMO.
“Income is likely to rise dramatically this fiscal year and surpass Rs 2,300 crore”, Kumar said in an interview with PTI.
According to him, roughly 70% of the overall revenue would come from selling farm products that were purchased directly from farmers with the other 30% coming from selling farmers’ inputs like seeds and agrochemicals.
According to Kumar, the company will also export agricultural goods worth Rs 60–65 crore in the fiscal year 2022–2023, principally fruits and vegetables.
He stated in response to being asked about the company’s profitability, “We will turn EBIDTA-positive by December 2023.”
At the beginning of the current fiscal year, DeHaat expanded its network of DeHaa Centers which are owned and run by rural company owners through a franchising system from 5,800 to more than 11,000 locations.
By the end of this month, 12 states will have 12,500 DeHaat Centers, according to Kumar.
More than 500 Farmer Producer Organizations (FPOs), which are eligible to use all of the platform’s services, have joined the business, according to him.
IIT, IIM, and NIT alumni Amrendra Singh, Shyam Sundar Singh, Adarsh Srivastav, and Shashank Kumar formed the DeHaat organisation which has offices in Patna, Bihar, and Gurugram, Haryana.
Through DeHaat Centers, it serves more than 18 lakh farmers.
When asked if there was a plan for raising money, Kumar responded that there wasn’t.
We already have enough cash on hand from the previous two Series D and E rounds of funding, he said.
In November of the previous year, the company secured a $60 million Series E investment.
DeHaat has onboarded over 2,000 agribusiness institutions as partners as a platform, including input manufacturers, FMCG companies, banks, insurance partners, and bulk output exporters. This gives these organisations direct access to farmers, enhancing efficiency and transparency.
DeHaat provides farmers with AI-enabled crop consulting services in their native language for more than 30 different crops.