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.
The round comprised about $11.5 million (about Rs 94 crore) equity and $1.5 million (about Rs 12 crore) debt investments, the startup’s founder and chief executive officer, Param Singh told VCCircle.
Apart from Aavishkaar Capital, other investors including Accel Partners, Aditya Birla Ventures, the Venture capital arm of Aditya Birla Group, along with existing investors Rockstart AgriFood, Navus Ventures including venture debt from Alteria Capital, according to a press statement.
In this round, Aavishkaar Capital, through its Aavishkaar India Fund VI, invested about Rs 40 crore in the Gurugram-based agritech firm, while Accel Partners contributed about Rs 22 crore in the fundraise, topping up its seed stage investment.
Mooofarm plans to deploy these funds towards geographical expansion, deepening its presence in current markets, and strengthening its tech stack.
It is currently operational in Rajasthan, Punjab and Haryana. Following the fundraise, it plans to widen its operations to Madhya Pradesh and Maharashtra.
The firm also plans to grow its topline to about Rs 300 crore by the next financial year, Singh said. The Gurugram-based startup earned about Rs 55 crore as revenue from operations in FY22, and aims to grow the figure to Rs 125 crore by FY23-end.
“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,” said Sushma Kaushik, Partner at Aavishkaar Capital.
Founded in 2019, Mooofarm aims on bridging the technology gap to empower marginalized dairy farmers. the startup offers a ‘Dairy as a Service (DaaS)’ full-stack platform where farmers can buy cattle, access tele-health and balanced nutrition services to optimize milk yield. The platform is enabled by smart cloud farms in operational geographies where farmers can buy cattle and learn farming best practices.
Among other fundraises in the dairy startup space, agritech firm Dvara E-Dairy Solutions Pvt. Ltd, in June, raised pre-Series A funding of $2 million from Axilor and Dvara Venture Studio, an initiative of Dvara Holdings.
