India, Oct. 30 -- For any farmer, the harvest is the moment of truth. After a long season of work, you finally see what your toil has yielded. In the corporate fields of Indian agritech, DeHaat just announced its biggest harvest yet: its first-ever profitable year in FY25.

But dig a little deeper past the headline figures, and you'll find the business is less fertile than it seems.

One of India's oldest and most prominent agritech startups, DeHaat has spent the past decade building a full-stack model connecting farmers to agri-inputs, advisory services, and market linkages.

And with the profitability, it might also seem that the country's agritech ecosystem is finally showing some green shoots.

But as we hinted at above, the numbers w...