An agritech startup, DeHaat has raised $12 million Series A funding led by Sequoia Capital. There was active participation from FMO, the Dutch entrepreneurial development bank, and existing investors Omnivore and AgFunder in the round. Some of the new funding will be used by the startup to automate its supply chain and build a layer of data analytics to streamline the supply chain efficiency even further.
Commenting on the collaboration, Shashank Kumar, Co-Founder, and CEO of DeHaat, said, “We are excited to partner with Sequoia India and FMO as we drive towards one million farmers on the DeHaat platform. Sequoia’s deep expertise in B2B platforms and technology products, combined with FMO’s expertise in agricultural value chain financing, will help DeHaat accelerate its growth while delivering massive impact for the farmers we work with.”
DeHaat has been helping farmers in accessing Agri inputs and financial services, and even sell their produce at the platform. The company currently operates across India with 443 retail stores. The agri-startup has helped more than 2 lakh farmers in getting access to more than 3,000 Agri inputs and personalized crop advisory. Apart from providing agri-inputs, DeHaat also provides market linkages to farmers to sell their products online by connecting with a large number of commodity bulk buyers. The platform helps farmers in connecting with players from the supply value chain, including retail chains, e-commerce players, FMCG companies, and SME food processors.
Jaap Reinking, Director, Private Equity at FMO, also commented on the collaboration. “The increasing economic uncertainty due to the COVID-19 pandemic is a grave concern to all. It is important to continue our support for innovative businesses in emerging markets and focus on accelerating sustainable development, especially in these challenging times. That is why we are proud to announce our partnership with DeHaat through the FMO Ventures Program. We look forward to supporting this Indian agri-tech platform with our expertise in agricultural value chain financing and rural development programs.”
