Delhi/Gurugram: MoooFarm, an agri-tech startup awarded by the likes of Govt. Of India, Microsoft, and World Bank, has received a funding of €500K from Rockstart and Navus Ventures, one of the leading global accelerators and Venture Capital respectively. The Made in India application, headquartered in Gurugram is trying to build a sustainable, inclusive, efficient, and nutritious food systems for 75 million dairy farmers and over 1 billion consumers.
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. MoooFarm, co-founded by Param Singh, Aashna Singh, Abhijeet Mittal and Jitesh Arora coming from IIT Roorkee and London School of Economics has helped 25,000+ dairy farmers increase their daily milk yield which has increased their income by 3,000-4000 rupees 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. Mr. Jitesh Arora, Co-founder, MoooFarm expressing his excitement about the funding said “We are humbled to have such amazing investors backing us on this wonderful journey. 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”. Mr. Abhijeet, 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”
Speaking on the investment in MoooFarm, Mark Durno, Managing Partner, Rockstart AgriFood, said, “It’s our purpose at Rockstart to empower founders who are driving positive change. Therefore, we are delighted to co-invest with a trusted partner, Navus Ventures, and we are excited to continue to work alongside the MoooFarm team, who will help enable Indian dairy farmers to have better animal health and economic opportunities.”
“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. By providing support to MoooFarm, Navus Ventures is excited to be able to contribute to a sustainable and profitable future for Indian dairy farmers,” Eduard Meijer, Managing Director, Navus Ventures added.
In 2016, India surpassed the European Union to become the largest milk producing nation in the world, currently producing approximately 25% of the world’s milk output. India also became the largest milk consumer in the world. Moreover, dairy sector contributes to 26% of 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.
