DeHaat, a digital marketplace for farm services and products has bagged Rs 30 crore worth round with Omnivore Ventures as the lead investor. This firm focuses on investing in agriculture segment. Interestingly, AgFunder has also participated in the round, including with several Angel investors.
An IIT-D alumnus, Shashank Kumar, has found that the startup provides end-to-end services including high-quality segment specific inputs, customised advising, financial services, and market linkages to farmers for the sale of their produce.
At present, the startup serves about 56,000 small farmers (with land less than 2 hectares) in the UP, Bihar, and Odisha belt, which it believes to be the most fertile belt plagued with worst connectivity.
The company wants to increase this number to 2.5 lakhs in next one year with the fresh funding. To increase the widespread reach, there is a plan to set up 14 regional warehouses to store inventory. This inventory would be from the supply side, and not owned by the startup itself. The regions that will be a part of this expansion are Rajasthan, Madhya Pradesh, and Maharashtra.
It also plans on adding on more agri services to its platform to become a one-stop solution for all farm-related problems. The new products will have farm credit and crop insurance.
The company is expecting a 2X jump in its revenue to Rs 45 crore from Rs 21 crore in the current financial year ending in a few days.
Adding to it, in recent days many agritech startups have been successfully raising funds across the country.
The decently funded agritech startup similar to DeHaat, AgroStar raised a $27 million round led by Bertelsmann. Similarly, Agritech robotics startup TartanSense also closed a $2 million seed round in the past week.
