Mumbai, 2nd Dec, 2022: Dairy startup Mooofarm Pvt Ltd raised $13 million (about Rs. 106 crore) in a Series A funding round led by Aavishkaar Capital, the Impact Investing arm of the Aavishkaar Group, offering the investor a minority stake in the startup.
Aavishkaar Capital, the Impact Investing arm of the Aavishkaar Group, led the Series A round of investment in Mooofarm totaling ~ INR 100 crore partnered with Aditya Birla Ventures (ABV), the Venture capital arm of Aditya Birla Group, and Accel Partners along with existing investors Rockstart, Navus Ventures including venture debt from Alteria Capital.
Mooofarm is an Agtech company and dairy startup, focused on bridging the technology gap to empower marginalized dairy farmers. They are building on their vision to make dairy farming in India more profitable. With a focus on the farmers pain of low milk yield and less profits, Mooofarm offers ‘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, 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 to 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. The company will utilize the fresh investment to further scale its operations in Rajasthan, Punjab & Haryana and also unlock its geographical footprint to Madhya Pradesh & Maharashtra. Further Mooofarm targets to grow its MoooSathi base to 3000 and increase its revenue to INR 300 crore by FY24.
Sushma Kaushik, Partner, 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 organizing this otherwise traditionally unorganized business. We are excited to partner with Mooofarm in their growth journey while building a large sale business which has the ability to positively impact millions of farmers across India.”
Param Singh, Founder & CEO, Mooofarm, 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, 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. “
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