Agritech Startup MoooFarm Raises $2.4 Mn In Seed Funding Led By Accel India
MoooFarm, an agritech startup, has raised $2.4 million in a seed round of funding led by Accel India. The funding round also saw participation from Rockstart’s AgriFood fund and Navus Ventures.
As per the startup, the fresh investment will help accelerate their vision to build sustainable food systems for 100 million dairy farmers and one billion consumers.
MoooFarm | Offering Technical Solutions To Dairy Farmers
Founded by Param Singh, Aashna Singh, Abhijeet Mittal and Jitesh Arora in 2019, MoooFarm is building connected commerce to lift India’s 100 million dairy farmers out of poverty and ensure nutritious milk for over a billion people.
MoooFarm empowers small-scale dairy farmers by connecting them to high yielding cattle, qualified veterinarians, access to insurance/ financial services and digital advisory services through the MoooFarm mobile application and a network of village-level micro-entrepreneurs.
Speaking on the development, Param Singh, MoooFarm Founder and CEO, said,
“We will use the fresh capital for hiring the best tech talent, significantly grow revenue and expand on operational locations.”
MoooFarm’s team brings strong operational and technical expertise to organise over $50 billion pre-farm gate dairy sector in India, stated Prashanth Prakash, Senior Partner at Accel India.
With its offerings, the startup is organising the pre-farm gate dairy sector for a large and unexplored market which constitutes almost 4.6% of India’s gross domestic product.
As per the startup, the MoooFarm app has been downloaded by over 1 million dairy farmers across more than 10 Indian states. Additionally, the startup has seen a 30 per cent month-on-month revenue growth with the realised annual revenue run-rate of Rs 100 crore in the past two quarters.
According to the data by Entrackr’s Fintrackr, more than three dozen agritech startups had raised funds in 2021. Earlier this January, agritech startups including Agrowave, Bijak, WayCool, Arya.ag, BigHaat, and Pepper Farms also raised funds.
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