By Manish Singh
Once overlooked, agritech startups are beginning to have a moment in India.
On Tuesday, DeHaat, an online platform that offers full-stack agricultural services to farmers, said it has raised $30 million in a new financing round as the Indian firm looks to maintain its accelerated growth despite the pandemic.
Prosus Ventures, formerly known as Naspers Ventures, led Patna and Gurgaon-based startup’s Series C financing round. RTP Global and existing investors Sequoia Capital India, FMO, Omnivore and AgFunder also participated in it, bringing the startup’s to-date raise to over $46 million. (Dexter Capital was the advisor for this funding round.)
One of the biggest challenges farmers in India face is securing agri-input items such as seeds and fertilizers and then finding buyers after producing the yields.
DeHaat, which is Hindi for village, is solving this by bringing brands, institutional financers and buyers to one platform, which is accessible through a helpline and an app in local languages.
Only about a third of the yields Indian farmers produce reaches the big markets, according to industry estimates. It’s traditionally proven immensely difficult for farmers to find buyers for their produce.
Source: Tech Crunch