Aavishkaar Capital and Other Investors Contribute $13 Million to Dairytech MoooFarm

• ByStartupStory     |    December 1, 2022

Aavishkaar Capital, the Impact Investing division of the Aavishkaar Group, sponsored a Series A fundraising round for the dairy startup Mooofarm Pvt Ltd, raising $13 million (about Rs. 106 crore) in exchange for a minority share in the company. The startup’s founder and CEO, Param Singh, revealed that the round included investments totaling around $11.5 million in equity and $1.5 million in debt.

According to a press release, in addition to Aavishkaar Capital, additional investors include Accel Partners, Aditya Birla Ventures, the venture capital arm of the Aditya Birla Group, along with current investors Rockstart AgriFood, Navus Ventures, and venture debt from Alteria Capital. Aavishkaar Capital made a about Rs 40 crore investment in the Gurugram-based agritech company through its Aavishkaar India Fund VI in this round, and Accel Partners increased its seed stage investment with a roughly Rs 22 crore contribution from the fundraise.

Mooofarm intends to use these funds for technological advancement, geographic expansion, and market penetration in its current markets. Currently, Rajasthan, Punjab, and Haryana are the places where it is in use. It intends to expand its operations to Madhya Pradesh and Maharashtra after the fundraiser.

According to Singh, the company also intends to increase its top line to roughly Rs 300 crore by the following fiscal year. The Gurugram-based startup expects to increase its operational revenue to Rs 125 crore from an estimated Rs 55 crore in FY22.

Sushma Kaushik, Partner at Aavishkaar Capital, stated that “Mooofarm has a vision to disrupt the dairy value chain through the right technological interventions, opening up tremendous opportunities for small and marginal dairy farmers to improve their income while organising this otherwise unorganised business.”

Mooofarm, a startup founded in 2019, wants to close the technology divide and give disenfranchised dairy producers more control. In order to maximise milk yield, farmers can purchase cattle through the startup’s “Dairy as a Service (DaaS)” full-stack platform, which also provides access to telehealth and balanced nutrition services. Smart cloud farms in operational regions, where farmers can purchase cattle and learn about best farming practices, enable the platform.

Agritech company Dvara E-Dairy Solutions Pvt. Ltd. raised $2 million in pre-Series A funding from Axilor and Dvara Venture Studio, a project of Dvara Holdings, in June, among other funding rounds in the dairy startup space.

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