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HARYANA, 2 February 2022: Dairytech startup MoooFarm has raised USD 2.4m in an initial funding round led by Accel India. Rockstart’s AgriFood fund and Navus Ventures also took part in the funding round.
Param Singh, Aashna Singh, Jitesh Arora, and Abhijeet Mittal founded MoooFarm in 2019. The company connects small-scale dairy farmers to high-yielding cattle veterinarians, insurance and financial services, and digital advisory services via its mobile application and network of “micro-entrepreneurs”.
The MoooFarm app has over a million downloads on the Google Play Store. The startup claims that it has increased its revenue by 10x in a year. It plans to deploy the funding towards accelerating customer acquisition.
“This investment will help accelerate our vision to build sustainable food systems for 100 million dairy farmers and 1 billion consumers. We will use the fresh capital for hiring the best tech talent, significantly grow revenue and expand on operational locations. Over the last two quarters, we have seen a 30% month-on-month revenue growth with realised Annual Revenue Run-rate of 100 Cr,” Param Singh, founder & CEO, Mooofarm said.
India is the largest producer of milk in the world, and it is the largest single agricultural commodity with a 4 percent share in the economy. The industry has grown at a rate of 12 percent annually for the past five years.
Operation Flood, an initiative launched in 1970, changed India from a milk deficient country to the world’s largest milk producer. The initiatives included tax incentives, government support for farmers and subsidies, later called the white revolution.
Due to this backdrop, many large private and public cooperative dairy companies emerged. Nearly 35 percent of the country’s dairy industry is controlled by organised players, including Amul, Mother Dairy, and others.
“MoooFarm has a compelling vision for the Indian dairy industry, which matches Rockstart’s goal to support purpose-driven founders to drive a more connected, efficient and resilient food supply system. It’s been a pleasure to work with the MoooFarm team since our initial investment in 2020,” added Mark Durno, managing partner, Agrifood, Rockstart.
In October last year, US-based dairytech company Dairy.com had acquired a 100 percent stake in Gurugram-based Mr.Milkman a dairy supply chain SaaS startup. Latter serves over 60 Indian dairy brands and helps them manage aspects of dairy distribution, supply chain, customer subscription, and delivery requests through an integrated platform.
A few weeks later, the Bengaluru-based dairytech startup Stellapps had raised USD 18m in a Series C funding round led by Nutreco, an animal nutrition and aquaculture company.
Image credit: ciwf.com