DeHaat is infusing $3.1 Mn in YCook to acquire 75.5% stake on a fully diluted basis in YCook
In 2018, YCook had raised $5 Mn from 021 Capital and OikoCredit
In January DeHaat acquired Helicrofter to strengthen its present in Western India
Agritech startup DeHaat is acquiring a majority stake in Bengaluru-based ready to cook processed food startup YCook. DeHaat, which had raised one of the biggest fundraisers among agritech startups in India will be holding close to 75.5% including secondary purchase and ESOP pool on a fully diluted basis.
YCook in an extraordinary general meeting dated on March 31, 2022 has passed a resolution to allot 48,652 Series C CCPS to Green Agrevolution Private Limited (DeHaat). For the allotment, DeHaat will be infusing $3.1 Mn in YCook. With this transaction, YCook will become a subsidiary company of Dehaat
It is interesting to note that YCook in 2018 had last raised $5 Mn in its Series B round from Binny Bansal’s 021 Capital and Netherlands’ OikoCredit. This means the ongoing transaction is happening at down round valuation. The valuation of YCook as on March 31, 2021(pre-money) was at $2 Mn. However, as per Inc42’s estimate, the investment from DeHaat values YCook at a little over $5 Mn.
Founded in 2013 by Janardhan Swahar, Vijay Reddy and Gayathri Swahar, the Bengaluru-based YCook claims to offer pre-cooked vegetables, fruits, and lentils without adding additives and preservatives. YCook further sells steamed snacks and ingredients for its customers. One of the biggest USPs of YCook is that it claims its products’ shelf life is one year at a normal room temperature when not opened.
It must be noted that both DeHaat and YCook are both backed agri-focused investors – Omnivore.
The development from DeHaat comes a few months after it had acquired agri-input marketplace Helicrofter. Earlier this year, DeHaat claimed that the acquisition would have helped it to expand its operations in Maharashtra and other West Indian states.
Prior to that, DeHaat had acquired FarmGuide, a B2B SaaS platform to create a full-stack platform for farmers and agri-businesses in India. In 2019, it had acqihired Veezamart, a platform which builds farm management solutions for farmers, to expand its farmers reach.
Acquiring majority stake in YCook seems to be in line with DeHaat’s goals of strengthening its foothold in southern India and also to foray into packaged food which YCook already offers under Tada brand name.
Founded in 2012 by Amrendra Singh, Shyam Sundar, Adarsh Srivastav & Shashank Kumar DeHaat offers end-to-end agricultural services to farmers, including distribution of high-quality agri-inputs, customised farm advisory, access to financial services, and market linkages for selling their produce.
The startup late last year raised $115 Mn in its Series D from Sofina, Lightrock India, Temasek and Prosus Ventures. It has posted a consolidated loss after tax of INR 54.1 Cr, a 198% increase from INR 18.1 Cr it recorded in FY20. It revenue from operations rose by 186% to INR 358.2 Cr in FY21 from INR 125.1 Cr it drew in FY20.
