DeHaat, an online marketplace for farm services and products, has raised $115 million in what appears to be the largest funding round in India for an Agritech startup. Belgian investment company Sofina, and Lightrock India led the company’s Series D round.
Temasek joined current investors Prosus, RTP Global, Sequoia Capital India, and FMO in co-investing in the round. In January of this year, the Patna and Gurugram-based business raised $30 million in its Series C round.
DeHaat provides farmers with customized inputs, guidance, financial services, and market connections for distribution. It also unites farmers with third-party lenders for working capital and large enterprises for bulk selling, such as Reliance Fresh, Zomato, and Udaan.
It currently serves 350,000 farmers in Bihar, Uttar Pradesh, Odisha, and West Bengal and aspires to serve 5 million farmers by 2024.
DeHaat bought the SaaS-based platform Farm Guide earlier this year in order to provide farmers with satellite-based insights and advice. According to the company’s press release, it has grown 5X in the last seven months and expects to maintain that growth speed in the next 18-24 months.