Interesting agritech alert- An agritech startup announced a funding of USD 2.4 million
The agritech industry is booming. It is showing positive results and we hope that it brings strong innovation in the agricultural industry.
Let us talk about agritech. Agriculture+ technology= agritech. The agritech industry refers to the use of technology in the field of agriculture with the motive to increase the yield, efficiency, and overall profitability. The use of technology is in all the domains of agriculture be it horticulture, bird control, or any other field. The different technologies and applications used in the agritech industry are drones, weather forecasting, IoT-based sensor networks, automated irrigation, soil moisture sensors, and many more.
The agritech startups in India have raised a total of USD 26.1 billion in the year 2020 around the world. This number shows there is a 35.4% increase in funding as compared to the year 2019. The agritech market around the world will show a compounded annual growth of 12.1% between the year 2020-2027. India is also in very good competition with the USA and China in the agritech sector.
Let us now talk about the funding of an innovative and interesting agritech startup that has taken place recently. The startup that is working towards a noble and a very different cause.
Announcement of an agritech startup
The startup, MoooFarm has raised funds worth USD 2.4 million, as announced on January 28, 2022. This round of funding that has taken place is the seed round of funding and was led by Accel India. The other Investors who took part in this round of funding are the AgriFood fund of Rockstart and Navus Ventures.
The startup has made plans to use the funds raised in hiring the new top technology talent. The startup also plans to use a portion of the funds raised in growing the revenue of the startup and making expansions on operational locations.
About the agritech startup that has announced its funding
The startup, MoooFarm was founded in the year 2019 by Param Singh, Aashna Singh, Abhijeet Mittal, and Jitesh Arora, and has its headquarters in Gurugram, Haryana. The people who work at the startup are driven by the idea that the optimum results are born out of perseverance, determination, and strong-team connection. A group of individuals who are young, dynamic, and optimistic and come from a diverse range of backgrounds and experiences, but with the Mutual goal- to empower the Dairy Farmers.
The mission of the startup is to make farmers prosperous. The startup in order to achieve this mission is building connected commerce to make sure India’s dairy sector is organized into a thriving and a formal industry. The values which the startup stands by are Trust, Farmer Love, Collaboration for the greater good, and Ascending Optimism.
The application of the startup has seen downloads by more than 1 million dairy farmers across the country in more than 10 states. The startup is organizing the pre-farm gate dairy sector for a large and unexplored market that is a part of nearly 4.6% of the GDP of India.
Talking about the founders of the startup, Param Singh is the CEO of the startup, Aashna Singh is the COO of the startup, Jitesh Arora is the CTO of the startup, and Abhijeet Mittal is the CPO of the startup.
About Accel India
Accel India is a part of Accel Partners. Accel Partners was founded in the year 1983 and has its headquarters in Palo Alto, California, United States. The firm is an American venture capital firm that has its focus on working with startups in sees, early and growth-stage investments. The company through its partnership with International Data Group has its offices in Palo Alto, California, San Francisco, India, and China.
The venture capital firm has its concentration on the following sectors- Consumer, Infrastructure, Media, Mobile, SaaS, Security, Customer Care Service, Enterprise Software, and E-commerce. It has legal entities under its name too. They are as follows- Accel Management Co. Inc, in the US, Accel London Management Limited and Accel Partners Management LLP in London, IDG VC Management Ltd in Hong Kong.
The companies funded by the venture capital are- Facebook, Slack, Flipkart, DJI, CleverTap, Instana, Hopln, Vox Media, Spotify, Etsy, Vectra Networks Inc., Cloudera, Lynda.com, GoFundMe, FabHotels, and many others.
About Navus Ventures
Navus Ventures is an private investment fund that works independently and has its focus on unique high-tech and sustainable startups and scale-ups that drive the transition in food and energy. In addition to providing the financial contribution to a startup, Navus Ventures also provides hands-on value by actively sharing its knowledge, network, and experience.
The private investment fund was founded in the year 2013 and since then it has invested in a wide range of sectors and now primarily focuses on the ongoing transition in food and energy. The venture fund values transparency and honesty in its relationships with startups and co-investors.
The investments made by Navus Ventures are Rodenburg Biopolymers, Hill block, Wuvio, One Planet Crowd, Versa, LvLogics, Polariks, Floating Farm, FiberCore Europe, Coolfinity, Virpp, Metomotion, and MooFarm.
What has been said about the deal of funding?
Param Singh, who is the co-founder and the CEO of the startup made a statement saying that in the last two quarters, the startup has witnessed a 50% month-on-month revenue growth. He further said that the startup expects that the revenue of the startup in FY 2022 would be INR 30 crore, which is nearly 10 times the revenue from FY 2021.
Prashanth Prakash, who is the senior partner at Accel India made a comment, which said that the team of the startup brings strong expertise in the technical and operational area in order to organize the pre-farm gate dairy sector in India, which is worth more than USD 50 billion.
Eduard Meijer, who represents Navus Ventures said that the team of the startup has proved itself when it was busy expanding their services which is innovative to Indian smallholder farmers.
The startup is doing very different, very innovative. It is trying to bring a change in a sector that has long been there but has not caught the attention of any particular business idea. We wish the startup a bit of good luck and hope it has an amazing and successful future ahead.
Edited and published by Ashlyn