Early-stage investor Rockstart has announced their co-investment into Mooofarm, an Agtech and dairy startup focused on bridging the technological gaps in India’s farming sector.
The company’s Series A round, which raised a total of $13 million, saw contributions from various other investors, including Accel Partners, Aditya Birla Ventures, Navus Ventures and Alteria Capital.
The capital will be used by Mooofarm for geographical expansion and to strengthen their tech stack.
“We aim to utilize this Series A funding to further expand our operations nationally and strengthen our capacity to cater to the growing needs of our farmer communities,” said Mooofarm founder and chief executive officer Param Singh.
With a focus on the low milk yield faced by farmers in India, causing a decrease in profits, Mooofarm has developed a platform, Dairy as a Service (DaaS) where farmers can use a variety of services such as purchasing prime cattle, accessing tele-health and nutritional services to increase milk yields and apply for loans to purchase dairy inputs.
The Mooofarm app has also been designed to ease the lives of dairy farmers by having better access to veterinary services and relevant dairy farming techniques.
Head of Aditya Birla Ventures Piyush Bansal said Mooofarm has the potential to irradicate the issues within India’s dairy farm industry, and fully backs the startup’s vision.
“India’s pre-farm gate dairy space is large but highly unorganised, but there is an opportunity to build a scalable business,” said Piyush.
“We believe that with their strong understanding of the industry and their tech-driven solutioning, the founding team at MoooFarm is well positioned to disrupt the space and drive better outcomes for dairy farmers, and we are delighted to partner with them in their mission to improve the livelihood of millions of dairy farmers.”
Mooofarm will utilise the new capital to expand their operations in Rajasthan, Punjab and Haryana, and establish themselves in other parts of India.