Agritech Startup DeHaat FY23 Revenue Up 55pc To Rs 1,997 cr; Aims To Be EBIDTA +Ve In FY25: CEO Shashank Kumar
DeHaat, one of the leading full-stack agritech platform, has clocked a 55 per cent annual growth in revenue to Rs 1,997 crore in the last fiscal, on the back of higher sale of agricultural products.
Dehaat, which is based out of Patna in Bihar and Gurugram in Haryana, had registered a revenue of Rs 1,287 crore in the 2022-23 fiscal year.
The startup offers end-to-end agricultural services to farmers.
"Our revenue has risen 55 per cent last fiscal to nearly Rs 2,000 crore. More than 98 per cent of revenue came from sale of agricultural products," DeHaat CEO Shashank Kumar told PTI in an interview.
Revenue from sale of agricultural products rose 54 per cent to Rs 1,965 crore last fiscal, from Rs 1,274 crore in FY22.
"Our burn at EBIDTA (earning before interest, depreciation, tax and amortisation) level was 15 per cent last fiscal and this will come down to 5 per cent in the current fiscal, as margins have improved. We will become EBIDTA positive in 2024-25 fiscal," Kumar said.
He highlighted that the company has doubled its presence across focus geographies from 53 hubs in FY'22 to 103 in FY'23.
"We are proud to have sustained growth momentum in adding more than a million farmers to our platform, setting up over 5,000 new DeHaat Centers and successfully establishing newer input product categories and business verticals, including B2B exports and DeHaat Honest Farms," Kumar said.
The CEO said the next big goal for the company is to achieve EBITDA-level profitability.
DeHaat saw a 60 per cent increase in operating expenses to Rs 2,368 crore in FY23, with purchases of traded commodities accounting for 78 per cent of total expenses.
As a result, the company expanded its footprint across 11 states last fiscal.
"The increased outreach enabled DeHaat improve its gross margin, allowing the company to maintain its percentage EBITDA burn at the same level as in FY22," Kumar said.
DeHaat is a technology-based platform offering full-stack agricultural services to farmers, including distribution of high-quality agricultural inputs, customised farm advisory, access to financial services, and market linkages for selling their produce.
At present, DeHaat has built a last-mile supply chain in more than 110,000 villages across 150+ districts of India through its exclusive digitized network of 12,000+ Micro Entrepreneurs called 'DeHaat Centers'.
DeHaat currently serves more than 20 lakh farmers located across 11 states including Bihar, Uttar Pradesh, Jharkhand, Maharashtra, Madhya Pradesh, Rajasthan, West Bengal, Odisha, Chhattisgarh & Haryana with its full-stack agri value chain offerings.
As a platform, it has onboarded 2,000+ agri-business institutions including input manufacturers, FMCG players, banks, insurance partners & bulk output exporters, offering them direct access to farmers.