Agritech startup DeHaat to likely raise $100 million at flat valuation

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Subscribe to enjoy similar stories. Agritech startup DeHaat has begun preliminary talks to raise $100 million through debt and equity for an acquisition and other business expansion plans, two people with knowledge of the development said. The funds will help the Temasek-backed company to acquire a seeds company for $50-65 million, the people said.

"Due diligence is currently on. It is likely to close the deal over the next six months," one person said. “The fundraise is expected to happen at a nearly flat valuation of about $750 million with existing investors participating in the round," the second person said.

The person added DeHaat is yet to formally begin the process but there has been a lot of inbound interest from investors. To be sure, DeHaat has cash from its previous fundraise to meet inorganic growth needs, the person said, without elaborating. DeHaat, which is looking to expand its portfolio, has been scouting for opportunities in the seed category for some time now and has engaged with investment bankers on this matter, the second person said.

The company did not respond to Mint’s request for comment. DeHaat acquired Freshtrop Fruits’ export business for ₹77 crore in November last year. The acquisition deepened its presence in the fruit and vegetable export business, which it first ventured into with the purchase of Field Fresh in May 2022.

Dehaat’s other acquisitions include Vezamart, Farmguide, Helicrofter and YCook. So far, DeHaat has raised over $200 million across about 10 funding rounds, as per data provided by Tracxn. Its prominent investors include Peak XV, RTP Global Partners, Prosus Ventures and Lightrock India.