Dairy startup Mooofarm Pvt Ltd raised $13 million in a Series A fundraising round headed by Aavishkaar Capital, the Aavishkaar Group’s Impact Investing division. The company focuses on closing the technology gap to empower marginalized dairy farmers.
Aditya Birla Ventures, Accel Partners, and current investors Rockstart Agrifood, Navus Ventures, and Alteria Capital’s venture debt participated in the investment round.
About $11.5 million in equity and $1.5 million in loan investments were included in the round. The agritech startup intends to use these funds to broaden its geographic reach, increase its market penetration, and improve its technological foundation.
“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 organizing this otherwise traditionally unorganized business,” said Sushma Kaushik, Partner at Aavishkaar Capital.
Mooofarm is organizing the pre-farm gate dairy sector, a large and unexplored market
Mooofarm, a startup founded in 2019, wants to close the technology divide and give disenfranchised dairy producers more control. To maximize milk yield, farmers can purchase cattle through the startup’s “Dairy as a Service (DaaS)” full-stack platform, which also provides access to telehealth and balanced nutrition services.
Smart cloud farms in operating regions, where farmers may purchase livestock and learn about optimal agricultural practices, enable the platform.
Currently, Rajasthan, Punjab, and Haryana are the places where it is in use. After the fundraiser, it intends to expand its activities to Madhya Pradesh and Maharashtra.
By the end of the next fiscal year, the company wants to increase its topline to roughly INR 300 crore. The Gurugram-based firm expects to increase its operational revenue from INR 55 crore in FY22 to INR 125 crore by the end of FY23.
“India’s pre-farm gate dairy space is large but highly unorganized. There is an opportunity to build a scalable business. We believe that with their strong understanding of the industry and their tech-driven solutions, 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.