On December 1, full-stack agtech startup DeHaat said it had raised $60 million in a Series E funding round co-led by Sofina Ventures and Temasek. The company also said that other existing investors, RTP Global Partners, Prosus Ventures and Lightrock India, also participated in the round.

DeHaat has raised Rs 366.6 crore ($45.8 million), led by Sofina Ventures, Moneycontrol reported on October 21, citing a regulatory filing with the Ministry of Corporate Affairs (MCA). However, this is part of a larger funding round, and the company shared the amount raised in a statement today.

Sofina Ventures led the Rs 240 crore round, while RTP Global Partners, Prosus (Naspers Ventures) and Lightrock India put in Rs 48 crore, Rs 32 crore and Rs 46.6 crore, respectively, according to MCA’s October filing. The document also highlighted that after the round, the company is valued at 695 million (considering the dollar at Rs 80).

In an official statement today, the company said the funding comes as DeHaat adds more than 1 million farmers to its platform, expands its footprint to new regions worldwide, and expands its services. However, the company still needs to say whether the additional funding would adjust the valuation.

Founded in 2012, DeHaat, which means village or village in Hindi, has built a full-stack farming model with services including distribution of farm inputs, bespoke farming consultancy, access to financial services and market linkages to sell farmers’ products.

“DeHaat’s 60 times growth in the last 40 months is phenomenal and has laid the foundation for a clear path to profitability. Closing a $60 million round when 70% of the final raise is yet to come shows DeHaat’s winning position, said Shashank Kumar, co-founder and CEO of DeHaat.

That comes months after DeHaat joined the new-age tech company’s layoff list, Moneycontrol reported in August. The move to cut costs and lay off workers comes less than ten months after the company raised a whopping $115 million in funding.

In October 2021, the company raised $115 million in a funding round with investors including Sofina, Lightrock, Temasek, Sequoia and Prosus, making it one of the largest agtech funds in India.

The company was valued at more than $500 million in its most recent fundraising drive, effectively entering the soonicorn, or “soon to be a unicorn” club. A unicorn is a startup valued at more than $1 billion.

In a statement today, the company said DeHaat serves more than 1.5 million farmers in 11 agricultural states, including Bihar, Uttar Pradesh, Jharkhand, Maharashtra, Madhya Pradesh, Rajasthan, West Bengal, Odisha, Gujarat, Chhattisgarh and Haryana.

DeHaat added that through its digital network of over 10,000 micro-entrepreneurs called ‘DeHaat Hubs’, it has established a presence in the last mile supply chain of over 110,000 villages in over 150 districts where India Mile delivers and aggregates Last mile supply chain.

The company also said Dexter Capital and Vertices Partners were advisors to the round. The company has also made four acquisitions since 2019. In April, the company acquired food tech startup Y-Cook India Pvt Ltd in an all-cash deal for an undisclosed sum.

In January, it acquired agricultural input marketplace startup Helicrofter to expand its presence in Maharashtra and other parts of western India.

In 2021, it acquired FarmGuide, an integrated satellite-based crop advisory solution for farmers. In May 2019, the company acquired VezaMart, a platform for building farm management solutions for farmers.