BENGALURU: Dehaat, the largest agritech startup in terms of valuation, has reported a 36% increase in its overall revenue to about Rs 2,720 crore in the financial year ended March 2024.
While sale of agri-input goods stood at Rs 545.82 crore in the reported period, sale of agri output goods stood at Rs 2,121.61 crore, as per TOI’s review of the company’s latest financial statements.
The Patna, Bihar headquartered startup, largely an agri inputs marketplace, has been steadily gaining a considerable chunk of its business from the export side business on the output side of the agriculture supply chain.
A company spokesperson told TOI that the company’s incurred cash losses in the reported period amounted to Rs 201.16 crore versus Rs 285.91 crore a year ago.
Overall loss however in FY24 however stood at Rs 1,133.15 crore, up about 4% from Rs 1,092.07 crore a year ago. The top main reasons were purchase of traded goods that stood at Rs 2,605.7 crore and a fair value adjustment of the company’s preferential shares at Rs 888.40 crore.
DeHaat said it was able to control its operating expenses to Rs 498 crore in FY24 from Rs 465 crore a year ago. “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,” Dehaat founder and CEO Shashank Kumar told TOI.
Kumar added that the company is currently on track to achieve 40% growth in revenues in the ongoing financial period of FY25 and is also expected to deliver a profit by the fourth quarter of FY25.
Dehaat, valued at $700 million, has over 15,000 franchise offline centres, spread over 11 states. The company currently has 2.7 million farmers purchasing over 3,000 agri-inputs such as seeds, fertilisers and pesticides as well as availing financing and insurance related services.
In terms of its farm produce aggregation in the output side of the business, the company has doubled 6,000 metric tonne aggregation per day followed by processing and exports to over 26+ countries over the last 18 months.
The company has raised $221 million from investors such as Temasek and Prosus Venture since its inception in 2012.