The Series A round was a mix of debt and equity
Aditya Birla Ventures (ABV), Accel Partners, Rockstart, Navus Ventures and Alteria Capital also have participated in the round
MoooFarm plans to scale its operations in existing geographies (Rajasthan, Punjab and Haryana) and venture into Madhya Pradesh and Maharashtra
Dairytech startup MoooFarm has raised INR 100 Cr ($13 Mn) in its Series A funding round led by Aavishkaar Capital and Aditya Birla Ventures (ABV). The round, a mix of debt and equity, also saw participation from Accel Partners alongside existing investors Rockstart, Navus Ventures and venture debt fund Alteria Capital.
MoooFarm founder Param Singh has stated that the funding will be utilised to further expand the Gurugram-based startup’s operations in the country and increase its tech capacity. It plans to scale its operations in existing geographies including Rajasthan, Punjab and Haryana and venture into Madhya Pradesh and Maharashtra.
Founded in 2019 by Singh, Aashna Singh, Jitesh Arora and Abhijeet Mittal, MoooFarm offers a dairy-as-a-service full-stack platform where farmers can buy best breed cattle, access telehealth and balanced nutrition services from vets to increase milk yield and get loans to buy dairy inputs.
According to the startup, it has been downloaded by 1.4 Mn+ farmers across the country as it is vernacular in nature. It also gives farmers access to relevant dairy farming techniques. That way, farmers 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. It has so far served 160K+ farmers across nearly 20K villages.
What’s interesting is that MoooFarm offers a micro-entrepreneurial opportunity to rural Indians. Called Mooosathi, a dairy farmer can join MoooFarm and provide last-mile demand aggregation and servicing solutions. With the funds raised, it plans to scale its Mooosathi base to 3K+ and increase its revenue to INR 300 Cr by FY24.
This is the startup’s second fundraise in 2022; as it has previously raised $2.4 Mn in a seed round from Accel, Rockstart and Navus in January. Overall, MoooFarm has raised $16.6 Mn across four rounds (including the current one).
In India’s $70 Bn worth dairy market, MoooFarm competes with the likes of traditional businesses such as Dairy.com and Amul and new-age startups such as Stellapps, Lasso, Zelp and more.