End-to-end agricultural services provider DeHaat has raised $60 million in a Series E funding round led by Sofina Ventures and Temasek. The investment round also saw participation by other investors, including RTP Global Partners, Prosus Ventures and Lightrock India, per a statement by the agritech startup.

Commenting on the fundraise, Shashank Kumar, co-founder and CEO, DeHaat, said: “60x growth of DeHaat in the last 40 months has been phenomenal (sic) and laid a foundation for a clear path to profitability. Closing a $60 million round when 70% of the last raise is still left signifies … (the) status of DeHaat as a market leader in AgTech”. DeHaat’s last fundraise happened in October last year, when it received $115 million in a round led by Sofina and Lightrock India. Temasek had co-invested at the time.

“We are very well capitalised at this point of time and we aim to leverage this status to consolidate our growth towards efficiency and profitability. Hence, we aim to break even in the next 12 months along with 2-2.5x growth on a YoY basis,” Kumar added.

DeHaat uses AI-enabled technologies to improve supply-chain and production efficiencies in the farming sector. The Patna and Gurugram-based startup has built a last-mile supply chain in more than 110,000 villages across more than 150 districts through a digitised network of over 10,000 micro entrepreneurs, called ‘DeHaat Centers’.

Founded by Shashank Kumar, Amrendra Singh, Adarsh Srivastav, Shyam Sundar Singh and Abhishek Dokania, it has so far raised $221 million from marquee investors such as Sofina, Lightrock, Prosus Ventures, and Sequoia Capital India. This includes the latest fundraise.

“We continue to be impressed by DeHaat’s vision and endeavour to empower farmers and local communities. With this additional funding, we hope to create an even deeper and broader impact within the existing network as well as new geographies,” said Yana Kachurina, principal, Sofina.

DeHaat has also acquired half a dozen startups in the space along the way. In its statement, the company said its latest “twin acquisitions YCook India Pvt Ltd & FieldFresh Foods” were “aimed at tapping the global economy for Indian farmers and help them provide a better value proposition”. The startup also acquired agri-input marketplace startup Helicrofter in January this year to expand its presence in Maharashtra and other parts of West India.