Agribusiness startups, once ignored, are starting to have a moment in India.
On Tuesday, DeHaat, an online platform that provides farmers with full-stack agricultural services, said it has raised $30 million in a new funding round as the Indian company, amid the pandemic, looks to sustain its accelerated growth.
Prosus Ventures, formerly known as Naspers Ventures, led the Series C funding round for startups based in Patna and Gurgaon. Sequoia Capital India, FMO, Omnivore and AgFunder were also interested in RTP Global and existing investors, taking the start-current up’s increase to over $46 million. (The counselor for this round of funding was Dexter Capital.)
One of the biggest challenges facing farmers in India is to secure agri-input products such as seeds and fertilizers and then find buyers after the yields are made.
This is solved by DeHaat, which is Hindi for village, by taking brands, institutional financiers and buyers to one platform that is accessible in local languages through a helpline and an app.
According to industry estimates, only about a third of the yields generated by Indian farmers meet the big markets. Traditionally, it has proved to be extremely hard for farmers to find buyers for their products.