MICROCAPITAL BRIEF: India’s DeHaat Raises $30m in Equity for Agricultural Technology from Prosus Ventures, RTP Global, AgFunder, FMO, Omnivore, Sequoia India

DeHaat, an India-based agriculture technology (agritech) company, recently raised USD 30 million in Series C funding. Prosus Ventures, a technology investor based in the Netherlands, led the round, with RTP Global, a Russia-based venture capital firm, also investing in DeHaat for the first time. The following entities increased their stakes in DeHaat: Sequoia India, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO) of the Netherlands, India-based Omnivore and US-based AgFunder. While the sizes of the other sub-investments and the shares held by each investor are not available, FMO’s new investment was in the amount of USD 1.8 million.

DeHaat was founded in 2012 and offers an app for farmers with services such as reminders of how much fertilizer to administer at various times and a platform for selling crops. The firm also operates DeHaat Center stores that sell seeds and other inputs. DeHaat serves 350,000 farmers in four states in eastern India. It has raised a total of USD 46.4 million since its inception.

Prosus is active in sectors such as food delivery, travel and financial technology (fintech). As of September 2020, it reported a six-month profit of USD 3.0 billion on total assets of USD 45 billion.

By Tejas Gumudavelly, Research Associate

Sources and Additional Resources

Prosus press release
https://www.prosus.com/news/full-stack-agritech-platform-dehaat-raises-us%2430-m

DeHaat homepage
https://agrevolution.in/

Prosus homepage
https://www.prosus.com/

Prosus financials
https://www.prosus.com/getattachment/60746a42-3390-4ee3-87de-49926055fb13/2-Prosus-condensed-consolidated-financial-statements,-Sep20.pdf.aspx?lang=en-US

RTP Global homepage
https://rtp-global.com/

AgFunder homepage
https://agfunder.com/

FMO homepage
https://www.fmo.nl/

Omnivore homepage
https://www.omnivore.vc/

Sequoia India homepage
https://www.sequoiacap.com/india

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