Patna and Gurgaon, India-based agricultural technology startup firm DeHaat announced Tuesday, January 19, 2021, that it had successfully raised $30 million in its foray into a Series C investment round. The funding round was led by Prosus Ventures, previously known as Naspers Ventures.
Apart from Prosus Ventures, other companies also participated in the said investment round. This includes existing investors such as AgFunder, FMO, and Sequoia Capital. In addition, newcomer RTP Global also showed its support in the funding round.
The recent cash injection brings the company’s total to around $46 million. According to Tech Crunch, the timing of the funding round comes at a crucial time as the Indian agritech firm seeks to maintain its growth despite the pandemic.
Founded in 2012, DeHaat is a digital platform that provides end-to-end service and full-stack services focused on the agricultural sector.
DeHaat leverages artificial intelligence (AI) as part of its efforts to boost farming in India. Through its platform, Bloomberg reveals that the company is able to extend its help and service to approximately 350,000 Indian farmers.
With its AI technology and system, it is able to find raw materials as well as extend credit and advisory services to Indian farmers looking to sell their crops. Tech Crunch states the agritech firm makes this possible by bringing on brands, financers, as well as buyers onto their platform, making for a more seamless approach.
Moreover, through the use of its artificial intelligence system, the startup company is able to extend free customized advisory to farmers in terms of what they should plant and sow in a particular period of time, reports Tech Crunch.
This crop advisory given free of charge is partnered with disease management aid, typically given to farmers through its mobile application and call centers, said Mint.
With the cash infusion brought about the funding, Mint reports that the DeHaat intends to boost its technological platform. Moreover, the company also looks to expand and offer its services to various parts of India, including Madhya Pradesh, Maharashtra, and Rajasthan.
As part of its efforts, it seeks to add new employees to the company, said Bloomberg. It will also double down on its efforts towards improving its supply chain as it prepares to meet its goals of serving 10 million farmers in the future while also making a profit for its services.
In a statement to Bloomberg, Prosus Ventures India head Ashutosh Sharma said, “India needs something that could scale the farming industry fast, and technology is the only leverage that can do that.”
