Introducing Mooofarm and Param
Q: Could you introduce yourself and Mooofarm?
A: I’m Param, the founder of Mooofarm. This journey began while volunteering at a non-profit, where I discovered the significance of cattle livestock for women in rural India. They face numerous challenges, including achieving optimum cattle yield, limited access to veterinary services, and difficulties in financing their cattle.
During my research, I was astonished to learn that a substantial portion of India’s GDP comes from livestock, highlighting a massive opportunity. With over 80 million dairy farms, predominantly small-scale, the potential for building a large business and impacting millions of lives was clear.
Our focus is on assisting farmers in understanding the right herd mix and inducting the best breeds for maximum profitability. We’ve developed technology to assess cattle based on phenotypical characteristics, facilitating the buying and selling process for the farmers. This helps farmers in need of immediate cash by buying their cattle and supports farmers looking to expand their herd with guaranteed assets.
Mooofarm is more than a business; it’s a platform for empowering rural farmers, especially women, by addressing the core challenges they face in dairy farming.
Why Rockstart?
Q: What inspired you to join the Rockstart accelerator program?
A: Despite my past success in business, agriculture and agritech were new territories for me. Apart from some personal experience with my family’s small farm in India, I lacked extensive knowledge in this sector. Recognizing this, we realized the need for guidance, especially in the early stages. We aimed to find an accelerator that could provide mentorship, connect us with the right people, and assist in fundraising.
When we searched for suitable accelerators, Rockstart emerged as one of the two globally renowned ones in agritech. Unfortunately, the application deadline for the other had already passed, so we focused on Rockstart. I believe Rockstart is one of the best globally for agritech startups.
The Application Process
Q: Can you describe the application process for Rockstart?
A: The process was surprisingly competitive. Initially, I thought agritech might have less competition compared to sectors like fintech or SaaS-based tools. However, I was taken aback by the intensity. Over a hundred companies applied, and only about seven were selected for the cohort.
The application process involved several stages, ensuring thorough evaluation. What stood out was the accessibility of Rockstart; we could reach out to them anytime during the application, which was immensely helpful. The process was competitive and comprehensive, with sufficient checks and balances at each stage.
A Day in the Life at Rockstart
Q: What was your typical day like in the Rockstart accelerator?
A: In Rockstart, much like other top-tier accelerators, the learning is dense, packed into about four months, culminating in a demo day. A typical day involved self-driven learning, continuous development of our minimum viable product, and frequent check-ins, usually two to three times a week. It was an intense schedule, balancing product development with mentor discussions and program participation. We also devoted time to refining our pitch deck. The support from three different mentors in various areas significantly boosted us.
Q: Did Mooofarm receive funding as part of the program?
A: Yes, we received 100,000 euros during the acceleration program, which is a substantial amount for an early-stage startup. Remarkably, on the demo day, we secured a term sheet for an additional half a million euros, with Rockstart contributing 50% of this amount. This funding was part of an equity exchange; it started as a convertible loan agreement and was later converted into equity upon the successful closure of our seed round with Accel India.
Q: Looking back, what aspects of the Rockstart program do you value most besides the funding?
A: Two aspects stand out. First is the opportunity to connect with a diverse network of startups, not just our cohort but also those who pitched alongside us and Rockstart’s portfolio companies. This allowed us to form a broad global network for sharing experiences and insights.
Secondly, the mentorship was invaluable. We were fortunate to have three exceptional mentors. Rockstart facilitated a ‘speed dating’ process to help us find the right mentors, which was highly effective. One of our mentors even became an investor in Mooofarm, supporting us through various funding rounds. It’s not just the crucial advice but also the financial backing that comes with it.
Overcoming Challenges
Q: During the Rockstart program, what was one of the biggest challenges you had to overcome?
A: The constant feeling that our pitch wasn’t perfect was a significant challenge. It’s a common sentiment among startups—you always think you could have done something better, especially on the pitch day. Crafting the right pitch deck in the early stages is always tricky. We were fortunate to have our co-founding team in place, but early-stage startups often struggle to get the pitch deck right. Rockstart provided substantial assistance with this, including multiple practice sessions and guidance from mentors, particularly those with experience in raising funds.
Post-Accelerator Growth
Q: How has Mooofarm evolved post-accelerator?
A: Post-accelerator, Mooofarm has seen significant growth. We successfully raised a seed round from Accel, one of the world’s leading venture capital firms, followed by a Series A round. We now have about 4,500 monthly paying farmers purchasing animal nutrition from us. Our team has grown substantially, now numbering between 50 and 200 employees. Rockstart’s continued support and participation in every funding round have been crucial to our growth trajectory.
Q: What are the next milestones for Mooofarm, and how has the accelerator prepared you for these goals?
A: Our next significant milestone is to increase our customer base to at least 30,000, if not 50,000, paying customers per month by the end of 2026. Our focus for the next three years is the journey from our current 5,000 customers to this goal. The accelerator program has prepared us for this scale-up, providing us with the tools, mentorship, and network to grow our customer base effectively.
Q: What is your ultimate vision for Mooofarm?
A: Our ultimate vision is to merge with or be acquired by a larger global animal nutrition company. This would allow us to extend our services and product range to our farmers and leverage our network and technology. We have developed unique farmer-facing technologies, like video analysis for assessing cattle, which could be valuable to larger companies. This collaboration would benefit our growth and provide our farmers with a broader range of quality products from global leaders in the field.
Advice for Aspiring Accelerator Applicants
Q: Finally, what advice would you give to anyone looking to apply to Rockstart or other accelerators?
A: The most crucial element, I believe, is the composition of the founding team. Your idea might still be evolving, and that’s normal at the early stages, but having a solid founding team is key. This is what investors and accelerators often bet on initially. So, when applying for an accelerator, it’s vital to have a strong team alongside a clear understanding of your industry, the challenges you want to address, and the changes you aim to bring about. Your team is what can truly make a difference in these early stages.