The Agritech start-up, MoooFarm, offering technical solutions for dairy farmers, has raised $2.4 million in a seed round. The funding was led by Accel India with participation from Rockstart’s AgriFood fund and Navus Ventures.
“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 2 quarters, we have seen a 30% month-on-month revenue growth with realised Annual Revenue Run-rate of 100 crore.” shared Mr Param Singh, Founder & CEO, Mooofarm.
Prashanth Prakash, Senior Partner from Accel India, shared, “Mooofarm’s team brings strong operational and technical expertise to organise over $50B pre-farm gate dairy sector in India. We were impressed by their razor sharp focus to build a business with strong unit economics and profitability while also positively impacting the lives of small dairy farmers in India”
The company empowers small-scale dairy farmers by connecting them to high yielding cattle, qualified veterinarians, access to insurance/ financial services and digital advisory services through MoooFarm mobile application and a network of village level micro-entrepreneurs. MoooFarm, co-founded by Param Singh, Aashna Singh, Abhijeet Mittal and Jitesh Arora from IIT Roorkee and London School of Economics and winners of Forbes Asia 2021 30 under 30, is organising the pre-farm gate dairy sector for a large and unexplored market which constitutes almost 4.6% of India’s GDP
Eduard Meijer from Navus Ventures added, “Since our involvement with Mooofarm in 2020, the team has shown strong traction while expanding their innovative offering to Indian smallholder farmers. We are happy to join forces with Accel, Rockstart and the other investors in continued support of this promising and impacting venture”
“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. We are excited to have Accel compliment Rockstart, Navus and the management board.”added Mark Durno, Managing Partner Agrifood, Rockstart.
MoooFarm App has been downloaded by over 1 million dairy farmers across India in 10+
