DeHaat Achieves Rs 3,000 Crore GMV in FY25

DeHaat, a full-stack agritech marketplace, has successfully surpassed a gross merchandise value (GMV) of Rs 3,000 crore in FY25, buoyed by consistent growth in its agricultural output ventures. This expansion enabled the company to reduce its losses by 15% during the fiscal year that concluded in March 2025.

According to the consolidated annual financial records submitted to the Registrar of Companies (RoC), DeHaat’s gross revenue rose by 12.5% to Rs 3,010 crore in FY25, compared to Rs 2,675 crore in FY24. A significant portion of DeHaat’s earnings originated from the sale of agricultural outputs, which includes spices like red chili, turmeric, cumin, and coriander, some of which are marketed under its in-house brand, Farm Plus. This segment represented nearly 80% of the overall revenue, while the sales of seeds, fertilizers, and pesticides (referred to as agri-inputs) contributed the remaining share.

In addition to its primary operations, DeHaat generated Rs 30 crore from interest on deposits and investment gains, bringing total revenue up to Rs 3,040 crore in FY25 as opposed to Rs 2,720 crore in FY24.

Expenditure Overview

On the cost side, the procurement of agricultural materials was the primary expense, making up 83% of total costs. This cost escalated by 11% to Rs 2,708 crore in FY25, reflecting the company’s growth scale. Furthermore, DeHaat managed to lower its employee benefit expenses by 15% during the year, while expenditures on marketing, branding, logistics, legal, and other operation-related costs resulted in total expenditures of Rs 3,257 crore in FY25.

Caveat: The figures do not include income of Rs 576 crore and expenses of Rs 888 crore from fair value adjustments of preference shares in both FY25 and FY24, considering their non-cash nature.

Financial Performance

As per the financial filings, DeHaat registered a net profit of Rs 370 crore in FY25. However, after factoring in the fair value adjustments, the company concluded the fiscal year with a net loss of Rs 207 crore, which showcases an improvement from the Rs 245 crore loss recorded in FY24.

On a unit basis, DeHaat expended Rs 1.08 to earn one rupee of revenue in FY25. The return on capital employed (ROCE) and EBITDA margin were reported at -36% and -5.78%, respectively. The firm finished the year with total current assets amounting to Rs 1,149 crore, which includes Rs 78 crore in cash and bank balances.

Recent Developments

Earlier this year, DeHaat acquired AgriCentral from Olam Agri in a cash-only deal. As per various sources on startup data platforms, the agritech company has raised a total of $230 million and is currently valued at over $700 million. DeHaat’s investor list includes notable names such as Peak XV, Prosus, Sofina Ventures, Lightrock, RTP Global, and Temasek.

The financial figures indicate a company nearing sustainable profitability, even though the journey has been challenging. DeHaat’s primary focus on selling spices and staples, including lentils, reflects a business model capable of achieving steady but low-margin growth at best. This situation may not captivate investors seeking more significant breakthroughs within the agritech sector. Similar to many enterprises that began with a model closely aligned with farmers rather than consumers, DeHaat is also shifting its focus towards the latter to balance the numbers. Although no breakdown exists regarding the share of e-commerce compared to offline sales, a predominance of the former could adversely affect long-term margins. DeHaat needs to discover a route to higher margins and more sustainable wins promptly to deliver successful exits for its investors.