SUMMARY
- DeHaat’s GMV increased by 36% from Rs 1,965 crore in FY23 to Rs 2,674.8 crore in FY24.
- DeHaat’s total expenses increased by 15.2% to Rs 2,965 crore in FY24.
- DeHaat’s losses dipped by 34% to Rs 244.68 crore in FY24.
Full-stack agritech startup DeHaat‘s gross merchandise value (GMV), increased by 36% from Rs 1,965 crore in FY23 to Rs 2,674.8 crore in FY24, as per its annual financial statement filed with the Registrar of Companies.
DeHaat operates as a three-dimensional agritech marketplace, providing crop advisory, weather reports, and mandi rates for agricultural output, while also allowing micro-entrepreneurs to open DeHaat Centres to offer these services. However, the company’s primary focus remains on the sale of agricultural outputs.
The growth was primarily driven by a 49.2% increase in the sale of agricultural outputs, which contributed Rs 2,121.6 crore, or 79.3% of the company’s total revenue. The sale of agricultural inputs saw a 1.1% increase to Rs 545.82 crore. Additionally, DeHaat earned Rs 45 crore from interest and other income, bringing its total revenue to Rs 2,720 crore in FY24.
The cost of materials was the largest expense for DeHaat in FY24, amounting to Rs 2,414 crore, or 81.4% of the total costs, and increasing by 29.6% YoY. Transportation charges grew by 76.8% to Rs 89.42 crore, while employee benefit expenses declined by 13% to Rs 206.86 crore. DeHaat’s total expenses increased by 15.2% to Rs 2,965 crore in FY24.
The cost of fair value adjustment of Compulsory Convertible Preference Shares for FY23 and FY24 has been excluded because they were non-cash in nature.
DeHaat’s losses dipped by 34% to Rs 244.68 crore in FY24 from to Rs 371 crore in FY23. Its ROCE and EBITDA margins stood at -143.96% and -39.69%, respectively, and the company spent Rs 1.11 to earn a rupee in FY24.
DeHaat competes with other agritech players like Waycool, Ninjacart, and several others. While Waycool expects Rs 1,600 crore in revenue for FY24, Ninjacart reported Rs 2,002 crore in gross revenue in FY24.
DeHaat has raised around $230 million funding since its inception and was last valued at over $705 million. Peak XV holds the largest stake in the firm with 13%, followed by co-founder Shashank Kumar and Sofina Ventures.
