Mooofarm, an agtech company and dairy start-up, has raised $13 million funding in Series A led by Aavishkaar Capital. According to a statement, the investment round also saw participation from Accel Partners, Aditya Birla Ventures, Rockstart, Navus Ventures and Alteria Capital.
It said the company will use the fresh investment to scale up its operations in Rajasthan, Punjab and Haryana, and venture into Madhya Pradesh and Maharashtra. Mooofarm targets to grow its ‘MoooSathi’ (village-level entrepreneur) base to 3,000 and increase its revenue to ₹300 crore by FY24.
Quoting Param Singh, founder and Chief Executive Officer of Mooofarm, a statement said, “We aim to utilize 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 helps Mooofarm offer 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.”
Mooofarm offers ‘Dairy as a Service (DaaS)’ full-stack platform where farmers can buy the best breed of cattle, access telehealth and balanced nutrition services to increase milk yield and get loans to buy dairy inputs. The Mooofarm app is a dairy farm management application designed for ease of use by dairy farmers in their vernacular language.
Sushma Kaushik, Partner of Aavishkaar Capital, said Mooofarm has a 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 unorganized business.
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 Bharat.”
Source : The Hindu businessline Dec 01st 2022