DeHaat, an agritech startup, reported a 40% increase in operating revenue to INR 2,700 crore in FY24, while reducing its losses by half.
In FY23, the company posted a revenue of INR 1,996.9 crore and a net loss of INR 1,094.4 crore. In comparison, its revenue for FY22 amounted to INR 1,287.6 crore, while the net loss was INR 1,564.1 crore.
Key Drivers of Growth
The company attributed its continued top-line growth to operational leverage and an increased focus on profitability by expanding into high-margin sectors such as exporting sustainable farm produce, food processing, and selling biological agricultural inputs.
In FY25, the company aims to achieve full-year profitability.
Continue Exploring: Agritech startup DeHaat completes its first ESOP buyback, targets full-year profitability in FY25
The Patna-based firm has also announced its first-ever employee stock ownership plan (Esop) buyback programme worth INR 10 crore. The company stated that it has issued Esops to more than 200 people.
“Over the past decade, DeHaat’s unwavering growth and outstanding performance in empowering Indian farmers have solely relied on the commitment and hard work of our team. The Esop buyback program reflects our steadfast dedication to our employees. We are pleased to provide opportunities for wealth creation and nurture a culture of growth within the company,” remarked Shashank Kumar, co-founder, and CEO.
Established in 2012 by Shashank Kumar, Amrendra Singh, Adarsh Srivastav, Shyam Sundar Singh, and Abhishek Dokania, DeHaat offers a variety of services to farmers. These include direct market access, quality inputs, and expert agricultural advisory.
Operational Reach and Network
Operating across 12 agrarian states in India, the company boasts a network of more than 11,000 DeHaat Centers and 503 farmer producer organizations (FPOs), serving over 1.8 million farmers.
In April, it was reported that DeHaat had joined the ranks of business-to-business supply chain and market linkage service providers venturing into launching their own consumer brand.
Continue Exploring: Agritech startup DeHaat forays into consumer market with Honest Farms brand