Mooofarm, an agritech company and dairy startup, focused on bridging the technology gap to empower marginalised dairy farmers, has raised US$13 million funding in a Series A round led by Aavishkaar Capital. The investment round also saw participation from Accel Partners, Aditya Birla Ventures, Rockstart, Navus Ventures and Alteria Capital. The startup will utilise the fresh investment to further scale its operations in Rajasthan, Punjab and Haryana and also unlock its geographical footprint to Madhya Pradesh and Maharashtra.
The dairy-tech startup is building on its vision to make dairy farming in India more profitable. With a focus on the farmers’ pain of low milk yield and lesser profits, Mooofarm offers a ‘Dairy as a Service (DaaS)’ full-stack platform where farmers can buy best breed cattle, access tele-health and balanced nutrition services to increase milk yield and get loans to buy dairy inputs. The Dairy as a Service platform is enabled by smart cloud farms in operational geographies.
The Mooofarm app, downloaded by 1.4+ million farmers, is a dairy farm management application designed for ease of use by dairy farmers in their vernacular language making buying of inputs (cattle feed and cattle) more reliable, and access to veterinary services more convenient at the fingertips. It also gives farmers access to relevant dairy farming techniques where they can calculate costs and revenue, access real-time solutions, view learning options for critical problems, and allow farm data to be available in one place.
The distribution of these services to the end farmer is ensured by Mooosathi, a village-level entrepreneur to provide last mile aggregation and servicing of demand. Further Mooofarm targets to grow its MoooSathi base to 3000 and increase its revenue to INR 300 crore by FY24.
Underscoring the potential of the startup, Sushma Kaushik, Partner, Aavishkaar Capital, said, “Mooofarm has the vision to disrupt the dairy value chain through the right technological interventions, which opens up tremendous opportunities for small and marginal dairy farmers to improve their income while organising this otherwise traditionally unorganised business. We are excited to partner with Mooofarm in their growth journey while building a large-scale business which has the ability to positively impact millions of farmers across India.”
Speaking on the Series A funding, Param Singh, Founder & CEO, Mooofarm, said, “We aim to utilise this Series A funding to further expand our operations nationally and strengthen our capacity to cater to the growing needs of our farmer communities. Our ability to combine a dairy farmer-centric approach coupled with technology-driven processes and solid infrastructure, Mooofarm offers an integrated, efficient and scalable dairy management solution that connects all stakeholders along the value chain, making our platform indispensable to improve efficiency, yield and profits. “
Prashanth Prakash, Partner at Accel said, “Our ongoing investment in Mooofarm is a proof of its leadership team’s capabilities to build fast, scale revenues (8x since Accel’s seed investment in December 2021) and serve over 100 million people in the livestock sector in rural India.”
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