Agritech and dairy startup Mooofarm has raised USD 13 million (about Rs 105 crore) in a funding round from investors to expand its business.
Mooofarm offers ‘Dairy as a Service (DaaS)’ full-stack platform where farmers can buy best breed cattle, access tele-health and balanced nutrition services to increase milk yield and get loans to buy dairy inputs. In a statement, the company said it has raised USD 13 million in Series A funding round led by Aavishkaar Capital. The investment round also saw participation from Accel Partners, Aditya Birla Ventures, Rockstart, Navus Ventures and Alteria Capital.
Mooofarm will deploy the fresh capital for expanding to new areas, deepening its presence in the existing geographies, strengthening the tech-stack and to grow the top line to Rs 300 crore, it added. The company will utilise the fresh investment to further scale its operations in Rajasthan, Punjab and Haryana and expand its geographical footprint to Madhya Pradesh and Maharashtra. Its mobile app is designed for ease-of-use by dairy farmers in their vernacular language, making buying of inputs (cattle feed and cattle) and veterinary services more convenient.
The app also gives farmers access to relevant dairy farming techniques where they can calculate costs and revenue, access real-time solutions, view learning options to critical problems, and allow farm data to be available in one place. The distribution of these services to the end-farmer is ensured by village-level entrepreneurs to provide last-mile aggregation and servicing of demand.