[Funding alert] Agritech startup MoooFarm raises Rs 4.3 Cr from Rockstart and Navus Ventures
Gurugram-based agritech startuphas raised a Rs 4.3 crore pre-seed funding round from Rockstart and Navus Ventures, one of the leading global accelerators and Venture Capital respectively.
With a mission to make farmers prosperous, MoooFarm is building connected commerce for the dairy farmers where farmers can connect with qualified veterinarians, discuss their problems with a fellow farmer community, trade cattle, access financial services and order farm inputs on an easy to use mobile application.
The startup, co-founded in 2019 by Param Singh, Aashna Singh, Abhijeet Mittal, and Jitesh Arora coming from IIT Roorkee and London School of Economics, claims that it has helped 25,000+ dairy farmers increase their daily milk yield which has increased their income by Rs 3,000-4000 per month.
The startup plans to use the funding to strengthen their product-market fit and hire key technology talent to launch new services to farmers.
Jitesh Arora, Co-founder, MoooFarm said,
"We have several interesting initiatives lined up for our customers to further enhance their experience. This new capital will allow us to invest in these endeavours and build technology moats around MoooFarm.”
Abhijeet Mittal, Co-founder, MoooFarm added to this, saying, "Dairy is a multi-billion dollar industry crippled with a lot of inefficiencies. With Navus Ventures' and Rockstart's deep expertise into agri space we will continue to strengthen our product suite and digitally empower 100 million dairy farmers."
According to the startup, the dairy sector contributes to 26 percent of the country's total agriculture GDP. The nation’s dairy production and consumption has several obstacles to its growth, such as reducing the dairy sector’s contribution to climate change, ensuring milk quality and improving economic and social inclusion of women dairy farmers, the startup said.
“MoooFarm, with its developed platform, that can link all elements needed for optimized production of milk and dairy products, can make a huge contribution to improving the availability of high quality and affordable dairy products to sustain the growing worldwide demand,” stated Eduard Meijer, Managing Director, Navus Ventures.