DeHaat, which is an online market based in Gurgaon for agricultural products and services, has now secured $ 4 million in the round of financing of the A series of Investor AgFunder, based in the USA. UU., Omnivore Ventures.
The company now plans to use the capital to expand its network for farmers in Uttar Pradesh, Bihar and Odisha and to launch agricultural credit and crop insurance services by the end of this year.
Dexter Capital was DeHaat’s advisor in this round of financing. The platform provides end-to-end agricultural services for farmers, including the distribution of high-quality agricultural inputs, access to financial services, personalized agricultural advisory services and market links for farmers to sell their products.
DeHaat has also claimed to offer efficiency and transparency in the agricultural value chain for the business to the farmer’s partners, which includes financial institutions, agricultural input companies and bulk buyers of commodities.
The company was founded by Shashank Kumar, Amrendra Singh and Shyam Sundar in 2012, who are all IIT Alumni. It currently provides support to more than 60000 farmers in Odisha, UP and Bihar.
“We have built a scalable business model and a data-driven technology platform to allow large stakeholders (including agricultural input companies, financial institutions and bulk buyers of commodities) to transact with our farmers in a manner efficient. Our goal is to reach 1 million happy farmers on the platform in the near future, “Kumar said in the statement.