Gurgaon-based DeHaat, a technology-led farmers’ marketplace to offer complete seeds-to-market services to farmers, has received a commitment of ₹ 20 crore (~ $2.84 Mn) in venture debt from Trifecta Capital, a San Francisco based seed stage venture capital fund.
The debt fund raised will be released to DeHaat over a 12-month period, which the startup would use to pilot financial services for farmers, including credit and insurance products.
DeHaat has raised the debt capital soon after two months when the startup had raised $4 million in a pre-series A round of funding led by impact investor Omnivore Partners along with US-based agriculture investor AgFunder and few other angel investors.
Shashank Kumar, co-founder and CEO of DeHaat, said in a statement to leading daily, “Our larger goal is to become a one-stop destination for Indian farmers, which can meet all of their agricultural needs.This funding from Trifecta Capital will provide us additional capacity as we introduce financial services to farmers on our platform.”
DeHaat aims to maximize farmers’ income through technology-led interventions by offering all agricultural needs of farmers under one roof in an accessible and affordable way.
Rahul Khanna, co-founder and Managing Partner at Trifecta Capital said, “DeHaat is one of the most capital efficient startups we have ever come across. They have a strong hold on unit economics and an amazing proposition for farmers as well as other value chain players.”
According to DeHaat’s LinkedIn company profile, Currently more than 25,000 farmers are registered with 50+ DeHaat micro-entrepreneurs and are getting direct access to quality agri inputs (from UPL, DuPont, Bayer, etc.), advisory (DeHaat panel of esteemed scientists and advisors), and market (to ITC, Godrej, Reliance, Metro, etc.) of value more than ₹ 3.5 Cr/month in Bihar, U.P and Odisha.
The startup is targeting to reach out to 100,000 farmers through 150+ DeHaat micro-entrepreneurs/centers by March’18 and 1 million+ farmers by 2020.
About Trifecta, it is a leading venture debt firm which had launched its first venture debt fund in 2014 and is now raising a ₹750-crore second fund.
[Top Featured Image – ShashankFnF @Twitter]