DeHaat, the leading AgTech platform in India providing comprehensive agricultural services for farmers is entering into a strategic partnership with Freshtrop Fruits Ltd. to enhance the export business of grapes & other fruits from India. The partnership aligns with the vision of both the companies to strengthen the fruits value chain from India with deeper engagement with farmers, better technology transfer & improved infrastructure.
Speaking on the acquisition, Shashank Kumar, Co-founder & CEO, DeHaat, says, "The way how Freshtrop has built its relationship with 50+ global retail chains delivering strong business presence across 20+ countries is quite commendable. Over last 25 years, Freshtrop has empowered hundreds of farmers to start the grape exports journey which completely aligns with DeHaat's vision of being a 'Farmers First' organization. We established our exports business 18 months ago and are today exporting more than 20 agri produce from India to the Middle East, UK & EU. We see strong synergies around the complementary core competencies between DeHaat & Freshtrop. We are super excited about this collaboration to grow the grapes & overall agri export business together. Each member of the Freshtrop's founding family along with the larger team will continue to remain actively involved in the business and DeHaat will bring its network & resources for market expansion, development of new grape varieties & technology led deeper pre-harvest support to the associated farmers."
DeHaat is in advanced stages of acquiring Freshtrop Fruits Ltd's fresh fruit export network and grading, packing & precooling centers, and will absorb all people from the company, including the top leadership team, in its structure. Commenting on the acquisition, Ashok Motiani, Managing Director, Freshtrop Fruit Ltd says, "In order to take the business to the next level it is essential to work on development of new varieties of grapes, establish access to other global markets and the domestic market and diversify the product basket for a year-round activity. DeHaat's strength is in providing quality farm inputs, using technology to provide predictive crop advisory and in its infrastructure for domestic sales & distribution. There is a fundamental alignment of value systems in both organizations of farmer-first approach, respect for everyone in the value chain, maintaining integrity & investing in innovation for further value creation. Hence, we feel that this association would be beneficial to all stakeholders with farmers getting access to new varieties and potential to diversify into other products, customers getting a larger basket of products from an established source, employees getting better prospect through organizational growth and the shareholders getting a good return on their investment."
The partnership will enable DeHaat to offer its full-stack agri services including availability of high quality inputs, personalized advisory, financing, insurance & access to wider global markets to Freshtrop's farmer network, enabling seamless information exchange and better value discovery.
Shares of FRESHTROP FRUITS LTD. was last trading in BSE at Rs. 171.40 as compared to the previous close of Rs. 173.45. The total number of shares traded during the day was 7556 in over 124 trades.
The stock hit an intraday high of Rs. 175.00 and intraday low of 170.00. The net turnover during the day was Rs. 1307728.00.