Sunday, July 14, 2024

DeHaat Completes First ESOP Buyback Worth Rs 10 Crore

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DeHaat, an agritech platform based in Patna and Gurugram, has successfully completed its first Employee Stock Ownership Plan (ESOP) buyback program, valued at Rs 10 crore ($1.2 million). This buyback allowed 153 employees, from Senior Vice Presidents to field teams, to participate in wealth creation.

Shashank Kumar, Co-founder and CEO of DeHaat, stated, “The ESOP buyback program demonstrates our dedication to our employees, and we are glad to generate wealth creation opportunities and foster a culture of growth inside the firm.” So far, DeHaat has issued ESOPs worth over Rs 100 crore ($12 million) to more than 200 individuals.

What Does DeHaat Do?

DeHaat is a full-stack agritech platform that offers a comprehensive range of services for the agricultural sector. Based in Patna and Gurugram, the platform provides high-quality agrarian inputs, expert advisory services, lending options, and market linkages to help farmers sell their produce. DeHaat aims to improve farmers’ incomes and help them achieve financial security. Operating in 12 Indian agrarian states, DeHaat currently serves over 1.8 million farmers.

Recently, DeHaat brought on Bollywood actor Pankaj Tripathi as its brand endorser and appointed agri-industry veteran Dr. K V Subbarao as its first independent advisor.

DeHaat’s Financial Performance

DeHaat has shown significant financial growth recently. In FY23, the startup’s gross revenue increased by 54.2%, rising to Rs 1,965 crore from Rs 1,274 crore in FY22. Revenue from operations grew by 40%, reaching Rs 2,700 crore in FY24. Additionally, DeHaat managed to reduce its losses by 50% during the same period. This growth has been driven by high-margin businesses, including the export of sustainably grown farm produce, food processing, and the sale of biological agricultural inputs. DeHaat aims to achieve full-year profitability by FY25.

The ESOP buyback program is a testament to DeHaat’s commitment to its employees and its vision for the future. By creating wealth for its team and fostering a culture of growth, DeHaat is positioning itself as a leader in the agritech sector. The company’s dedication to improving farmers’ lives through innovative solutions and financial support underscores its mission to enhance the agricultural landscape in India.

In summary, DeHaat’s first ESOP buyback is a significant milestone for the company, reflecting its strong financial performance and commitment to its employees. The agritech platform continues to grow and expand its services, aiming for profitability and greater impact in the agricultural sector.

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