DeHaat, India’s largest agritech startup by valuation, has demonstrated significant growth in FY24, reporting a total revenue of ₹2,720 crore, marking a 36% increase from the previous fiscal year. The Patna-based company has successfully reduced its operational losses by 34%, showcasing improved operational efficiency while expanding its presence across 11 states.
The company’s growth trajectory has been primarily driven by its agri-output business, which contributed ₹2,121.6 crore, representing 79.3% of the total revenue. This segment witnessed a remarkable 49.2% growth compared to the previous year, while the agri-input business remained relatively stable with a modest 1.1% increase to ₹545.82 crore.
In a significant development for the company’s financial health, DeHaat managed to reduce its operational losses to ₹244.68 crore in FY24, down from ₹371 crore in FY23. The company’s cash losses decreased to ₹201.16 crore from ₹285.91 crore in the previous year, indicating improved operational efficiency.
DeHaat’s expansion has been marked by impressive operational metrics, with over 15,000 franchise offline centers spread across 11 states. The company currently serves 2.7 million farmers, offering more than 3,000 agri-inputs including seeds, fertilizers, and pesticides, along with financing and insurance services. A notable achievement has been the doubling of its farm produce aggregation to 6,000 metric tonnes per day, complemented by processing and exports to over 26 countries in the past 18 months.
The company’s cost structure reveals interesting insights, with material costs being the largest expense at ₹2,414 crore, accounting for 81.4% of total costs. While transportation charges increased by 76.8% to ₹89.42 crore, the company managed to reduce employee benefit expenses by 13% to ₹206.86 crore, demonstrating effective cost management strategies.
Looking ahead, DeHaat’s founder and CEO Shashank Kumar has expressed optimism about the company’s future, projecting a 40% revenue growth in FY25 and expecting to achieve profitability by the fourth quarter of FY25. “There has been margin expansion consistently throughout FY24 due to higher percentage contribution of businesses like exports, processing of agri produce and private or exclusive distribution partnerships of agri inputs,” Kumar stated.
The company’s growth story has attracted significant investor interest, with total funding of approximately $230 million to date and a current valuation exceeding $705 million. Peak XV holds the largest stake at 13%, followed by co-founder Shashank Kumar and Sofina Ventures, while other notable investors include Temasek and Prosus Ventures.
DeHaat’s performance is particularly noteworthy in the competitive agritech landscape, where it competes with players like Waycool and Ninjacart. While Waycool anticipates ₹1,600 crore in revenue for FY24, Ninjacart reported ₹2,002 crore in gross revenue for the same period.
This strong financial performance by DeHaat signals the growing maturity of India’s agritech sector and demonstrates the potential for technology-enabled solutions in agriculture. However, with core expenses remaining sticky and limited scope for further cuts, the company’s path to profitability will be closely watched by industry observers and investors alike.
