Mooofarm, a dairy startup, raised $13 million (roughly Rs. 106 crore) in a Series A funding round led by Aavishkaar Capital, the Aavishkaar Group’s Impact Investing arm, in exchange for a minority stake in the company.
The round included approximately $11.5 million (roughly Rs 94 crore) in equity and $1.5 million (roughly Rs 12 crore) in debt investments.
According to a press release, other investors include Accel Partners, Aditya Birla Ventures, the venture capital arm of the Aditya Birla Group, as well as existing investors Rockstart AgriFood and Navus Ventures, as well as venture debt from Alteria Capital.
Aavishkaar Capital, through its Aavishkaar India Fund VI, invested approximately Rs 40 crore in the Gurugram-based agritech firm in this round, while Accel Partners contributed approximately Rs 22 crore to the fundraise, supplementing its seed stage investment.
Mooofarm intends to use the funds to expand geographically, deepen its presence in current markets, and strengthen its technology stack.
Currently, it is operational in Rajasthan, Punjab, and Haryana. Following the fundraising, the organisation intends to expand 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. In FY22, the Gurugram-based startup earned approximately Rs 55 crore in revenue from operations, with the goal of increasing that figure to Rs 125 crore by FY23-end.
Mooofarm, which was founded in 2019, aims to bridge the technological gap in order to empower marginalised dairy farmers. The startup provides a full-stack ‘Dairy as a Service (DaaS)’ platform where farmers can buy cattle and access tele-health and balanced nutrition services to maximise milk yield. Smart cloud farms in operational geographies enable the platform, where farmers can buy cattle and learn farming best practises.
Among other fundraises in the dairy startup space, agritech firm Dvara E-Dairy Solutions raised $2 million in pre-Series A funding in June from Axilor and Dvara Venture Studio, a Dvara Holdings initiative.
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