Amsterdam, December 1, 2022: Rockstart, global early stage investor and accelerator, announces its co-investment in Mooofarm, a 2020 Rockstart AgriFood portfolio company. The $13m series A round was led Aavishkaar Group and saw participation from Accel Partners, Aditya Birla Ventures, Rockstart, Navus Ventures and Alteria Capital. Mooofarm will deploy the fresh capital for geography expansion, deepening in the current geographies and strengthening the tech stack.
Mooofarm is an Agtech company and dairy startup, focused on bridging the technology gap to empower marginalized dairy farmers. They are building on their vision to make dairy farming in India more profitable. With a focus on the farmers’ pain of low milk yield and less profits, Mooofarm offers ‘Dairy as a Service (DaaS)’ full-stack platform where farmers can buy best breed cattle, access tele-health and balanced nutrition services to increase milk yield and get loans to buy dairy inputs. The Dairy as a Service platform is enabled by smart cloud farms in operational geographies.
The Mooofarm app, downloaded by 1.4+ million farmers, is a dairy farm management application designed for ease of use by dairy farmers in their vernacular language making buying of inputs (Cattle Feed and Cattle) more reliable, access to veterinary services more convenient at the fingertips. It also gives farmers access to relevant dairy farming techniques where they can calculate costs and revenue, access real time solutions, view learning options to critical problems, and allow farm data to be available in one place.
The distribution of these services to the end farmer is ensured by Mooosathi, a village level entrepreneur to provide last mile aggregation and servicing of demand. The company will utilize the fresh investment to further scale its operations in Rajasthan, Punjab & Haryana and also unlock its geographical footprint to Madhya Pradesh & Maharashtra. Further Mooofarm targets to grow its MoooSathi base to 3000 and increase its revenue to INR 300 crore by FY24.
Mooofarm has a vision to disrupt the dairy value chain through the right technological interventions, which opens up tremendous opportunities for small and marginal dairy farmers to improve their income while organizing this otherwise traditionally unorganized business. We are excited to partner with Mooofarm in their growth journey while building a large sale business which has the ability to positively impact millions of farmers across India.Sushma Kaushik, Partner, Aavishkaar Capital
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. Our ability to combine a dairy farmer centric approach coupled with technology-driven processes and solid infrastructure, Mooofarm offers an integrated, efficient and scalable dairy management solution that connects all stakeholders along the value chain, making our platform indispensable to improve efficiency, yield and profits.Param Singh, Founder & CEO, Mooofarm
Ever since we first invested in Mooofarm in 2020, we believed that the team has the passion, skill, and tenacity to build a scalable business with a positive impact on the dairy sector. Rockstart is proud to have been the first institutional investor to back Mooofarm, and we are excited to continue that journey as co-investors alongside new partners.Mark Durno, Managing Partner AgriFood Rockstart
Our ongoing investment in Mooofarm is a proof of its leadership team's capabilities to build fast, scale revenues (8x since Accel's seed investment in December 2021) and serve over 100 million people in the livestock sector in Bharat.Prashanth Prakash, Partner at Accel
Navus, alongside taking up her own part of the investment in this round, happily welcomes the new investors. As Navus has from the start seen the value adding proposition Mooofarm can provide for their customers, the onboarding of new investors strengthens their belief in Mooofarm’s mission. We look forward to jointly growing the Mooofarm impact to the next level.Eduard Meijer, Managing Director, Navus Ventures
Mooofarm has launched strongly by improving the lives of dairy farmers with technology integration as well as a multi layered approach to solving for their needs. We are excited to partner with Mooofarm as they build this into a Pan India business, aiming to positively impact millions of lives over time.Vinod Murali, Managing Partner & Co-Founder, Alteria Capital
India’s pre-farm gate dairy space is large but highly unorganised. There is an opportunity to build a scalable business. 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. We are delighted to partner with them in their mission to improve the livelihood of millions of dairy farmers.The investment is in line with our vision to back outstanding founding teams building leading businesses of tomorrow. Our endeavour is to open up our global ecosystem and networks for the growth of our portfolio companies.Piyush Bansal, Head of Aditya Birla Ventures added
Mooofarm is an award winning agritech start-up working in India building a connected commerce platform to increase income for 80 million dairy farmers in India. Mooofarm is dedicated to ensure ‘Dairy as a Service’ for farmers by enabling better nutrition and cattle health for better milk yield, better cattle trade management and better cash management with greater access to capital. Mooofarm has been recognized for its work in the media and in 2020 it was admitted as a Global Innovator to the World Economic Forum and accepted as a member of the Global Dairy Platform (United States). It has also won prestigious competitions such as the World Bank Group’s Agriculture Insuretech Innovation Challenge, the Department of Animal Husbandry’s Start-up India Grand Challenge , Forbes 30 under 30 Asia in 2021 and most recently IDF Innovation Award.
Aavishkaar Capital is an Impact fund manager focused on the Global South. A pioneer in taking an entrepreneurship-based approach to scaling businesses for impact, Aavishkaar Capital’s unique approach has resulted in its invested enterprises impacting over 135 million lives (52% of whom are women) and created over 687,000 jobs and livelihoods. Aavishkaar Capital invests in sectors such as Sustainable Agriculture, Financial Inclusion and Essential Services across India, Emerging Asia, and Sub-Saharan Africa. Aligned to 13 out of the 17 Sustainable Development Goals.
Aavishkaar Capital has raised eight funds, while generating commercial returns with over c. $500million in assets under management. For more information, please connect https://aavishkaarcapital.in/
Accel is a global venture capital firm that aims to be the first partner to exceptional teams everywhere, from inception through all phases of private company growth. Accel has been operating in India since 2008, and its investments include companies like BookMyShow, BrowserStack, Flipkart, Freshworks, FalconX, Infra.Market, Chargebee, Clevertap, Cure Fit, Musigma, Moneyview, Mensa Brands, Myntra, Moglix, Ninjacart, Swiggy, Stanza Living, Urban Company, Zetwerk, and Zenoti, among many others.
Alteria is India’s largest venture debt platform with $475 Mn of capital under management across three funds. Alteria provides structured debt to Indian venture backed startups and is stage and sector agnostic. The Alteria leadership team pioneered venture debt as an asset class in India.
Alteria has backed 100+ companies since 2018 and the portfolio includes Rebel Foods, Spinny, Mensa Brands, Dealshare, Good Glamm Group, Infra.market, BharatPe, Dunzo, Cars24, Niyo, EarlySalary, Zepto, Cogoport, Jumbotail, Lendingkart, Mosaic Wellness, Pratilipi, Portea, Toppr, Stanza, Wizfreight, Melorra, Curefoods, Zest Money, Loadshare, Chaayos, Mylo, LBB, Country Delight, Wow Sciences, Ayu Health and Euler Motors.
Navus Ventures is the venture capital fund of the single-family office of Lely. The focus of Navus is geared towards stimulating the transition in Food & Energy by investing in (early stage) start-ups and scale ups, from pre-seed to series A. We support our portfolio company through hands-on entrepreneurial scaling experience, network and financial means. Navus operates with a small and effective team out of their office in Maassluis, The Netherlands.
Aditya Birla Ventures (ABV), the Venture Capital arm of Aditya Birla Group (US$ 60 bn global conglomerate) backs exceptional founding teams building new-age, high-growth businesses, having potential to emerge as industry leaders. With Group’s legacy of over 150 years in building industry leading businesses based on strong values, ABV mentors and supports entrepreneurs from an early stage. ABV endeavours to open Group’s global ecosystem and network for the growth of its portfolio companies.