Full-stack agritech platform DeHaat has marked a 36% year-over-year growth, surpassing Rs 2,600 crore in revenue for the fiscal year ending March 2024. The company also reported a significant improvement in profitability, cutting its losses by 34% compared to the previous year.
According to DeHaat’s latest financial report filed with the Registrar of Companies, the platform’s gross merchandise value (GMV) rose to Rs 2,674.8 crore in FY24, up from Rs 1,965 crore in FY23.
DeHaat operates a multi-dimensional marketplace for agritech solutions, offering advisory on crop care, weather insights, and mandi prices, with micro-entrepreneurs managing DeHaat Centres to deliver these services. Although initially focused on advisory services, the bulk of its revenue now stems from sales of agricultural outputs.
The company’s growth in FY24 was mainly driven by a 49.2% increase in the sale of agri outputs, contributing Rs 2,121.6 crore and representing 79.3% of total revenue. Sales of agri inputs experienced modest growth, reaching Rs 545.82 crore with a 1.1% increase. Additionally, DeHaat generated Rs 45 crore from interest and other income, pushing total revenue to Rs 2,720 crore.
The cost of materials was DeHaat’s largest expense, amounting to Rs 2,414 crore, which accounted for 81.4% of total costs and reflected a 29.6% rise from the previous year. Transportation expenses surged by 76.8% to Rs 89.42 crore, while employee costs decreased by 13% to Rs 206.86 crore, culminating in total expenses of Rs 2,965 crore for FY24. Notably, the cost calculations excluded fair value adjustments on Compulsory Convertible Preference Shares (CCPS) due to their non-cash nature.
Despite escalating revenues, DeHaat managed to shrink its losses by 34%, recording a net loss of Rs 244.68 crore in FY24, down from Rs 371 crore in FY23. The company’s return on capital employed (ROCE) and EBITDA margins were recorded at -143.96% and -39.69%, respectively. For every rupee earned, DeHaat spent Rs 1.11 in FY24.
In the competitive landscape, DeHaat faces rivals such as Waycool, which is targeting Rs 1,600 crore in revenue for FY24, and Ninjacart, which recorded Rs 2,002 crore in revenue last fiscal year.
Data from TheKredible indicates that DeHaat has raised approximately $230 million in funding to date, with a current valuation of over $705 million. Major stakeholders include Peak XV, holding a 13% stake, alongside co-founder Shashank Kumar and Sofina Ventures.
With core expenses remaining firm, DeHaat may require further funding rounds to achieve profitability, as the company scales and adapts to the demands of its investors.
4o