Other investors that participated in the round include Aditya Birla Ventures, the venture capital arm of Aditya Birla Group, and Accel Partners. Existing investors Rockstart AgriFood, Navus Ventures and Alteria Capital also participated, according to a statement.
“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,” MoooFarm founder and CEO Param Singh said. The startup currently operates in Rajasthan, Punjab and Haryana, where it plans to further scale its operations using this funding, in addition to expanding its footprint to Maharashtra and Madhya Pradesh.
In January, MoooFarm raised $2.4 million in seed funding led by Accel India, with participation from Rockstart’s AgriFood fund and Navus Ventures.
Founded in 2019 by Param Singh, Aashna Singh, Abhijeet Mittal & Jitesh Arora, MoooFarm is organising the pre-farm gate dairy sector, a large and unexplored market that constitutes almost 4.6% of India’s gross domestic product.
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 organising this otherwise traditionally unorganised business.”
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Using the startup’s tech platform, dairy farmers can buy cattle, access tele-health and nutrition services, and get loans to buy dairy inputs. The company clocked revenues of Rs 55 crore in the fiscal year that ended March 2022, and expects to clock Rs 120 crore in revenues in the current fiscal.
“India’s pre-farm gate dairy space is large but highly unorganised. There is an opportunity to build a scalable business. We believe that with their strong understanding of the industry and their tech-driven solutioning, the founding team at MoooFarm is well positioned to disrupt the space and drive better outcomes for dairy farmers,” said Piyush Bansal, head of Aditya Birla Ventures.
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