DeHaat, the Peak XV-backed agritech startup, has successfully completed its first-ever employee stock ownership plan (ESOP) buyback programme worth INR 10 Cr.
DeHaat, in a statement on Wednesday (June 12), announed that it has already allocated ESOPs totaling over INR 100 Cr to a cohort of over 200 individuals. During its initial ESOP buyback, 153 team members, ranging from senior vice presidents to field teams, benefited from the initiative.
Shashank Kumar, the Cofounder and CEO of DeHaat, remarked, “The unwavering dedication and hard work of our team has enabled DeHaat’s sustained growth and exceptional performance in empowering Indian farmers over the last decade. The ESOP buyback program underscores our commitment to our employees, and we are delighted to create opportunities for wealth generation.”
Continue Exploring: Agritech startup DeHaat forays into consumer market with Honest Farms brand
DeHaat’s Business Model and Operations
Established in 2012 by Shashank Kumar, Amrendra Singh, Shyam Sundar, and Adarsh Srivastav, Patna and Gurugram-based DeHaat operates as a comprehensive business-to-farmer (B2F) platform. It offers end-to-end agricultural services to farmers, including the distribution of high-quality agri-inputs, customized farm advisory, access to financial services, and market linkages for selling their produce.
DeHaat further announced that its revenue from operations surged by 40% year-on-year (YoY) to INR 2,700 Cr in FY24, accompanied by a 50% YoY reduction in losses.
The startup asserted that its revenue growth was bolstered by operational efficiency and a heightened emphasis on profitability, particularly through lucrative ventures such as exporting sustainably grown farm produce, food processing, and sales of biological agricultural inputs.
Targeting Profitability and Expansion Plans
DeHaat targets attaining full-year profitability within the ongoing fiscal year, FY25.
Since its establishment, the startup asserts to have assisted over 2 million farmers across 11 states in India via its digital network spanning over 11,000 ‘DeHaat Centres’. Additionally, it prides itself on maintaining a network of over 1,500 stock-keeping units, processing over 15,000 orders daily, and catering to more than 15 countries.
Recently, the startup expanded its product line by introducing offerings on modern trade, quick commerce, and ecommerce platforms under the brand name Honest Farms.
In November last year, the startup completed the acquisition of fruit export company Freshtrop Fruits in an all-cash transaction.
Throughout the year, the startup has secured more than $300 million in funding through various rounds. Additionally, the company has garnered support from notable investors such as Sofina Ventures, RTP Global Partners, Prosus, and Lightrock India, among others.
In FY22, DeHaat recorded a net loss of INR 1,563.9 Cr, marking a widening of over 253% year-on-year (YoY), while revenue from operations experienced a significant surge, increasing 2.6 times YoY to INR 1,273.42 Cr.
Continue Exploring: DeHaat diversifies agritech portfolio with strategic acquisition of Freshtrop Fruits’ export business
