News Update
- Bymridul | February 21, 2024
Animal management and nutrition startup eFeed has secured Rs 1 crore from revenue-based financing platform Klub. Previously, the Pune-based company raised $1 million in a seed round led by Omnivore in January 2023.
“The new funding will support capacity building from 50 tons to 500 tons, enabling product scalability across multiple geographies,” eFeed stated in a press release.
Co-founded in 2021 by Kumar Ranjan, Ravi Chauhan, and Ankit Patel, eFeed specializes in nutritional supplements for livestock. Their supplements contain vitamins, minerals, and microbes aimed at enhancing cattle health and milk quality.
“eFeed aims to incentivize emission reduction through carbon markets, aligning business objectives with environmental sustainability,” the company stated.
The startup projects a 10X growth in monthly revenue and targets an annual revenue of Rs 100 crore in FY25. It boasts 1 lakh farmers in its ecosystem, with 30% being repeat users. The company has expanded its reach to Madhya Pradesh and Bihar and aims to reach 10 lakh farmers by 2024.
“Klub’s funding model provides digital businesses with rapid and flexible capital without equity dilution,” said a spokesperson for Klub.
Klub claims to have funded over 600 brands in over 1600 investment rounds since its inception.
Other prominent players in the animal nutrition space include AgroSonic, MeraPashu360, and Mooo.Farm. eFeed competes globally with companies like Virbac, Nutreco, and Elanco.