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Animal management & nutrition brand eFeed has secured Rs 1 crore from revenue based financing platform Klub.
The Pune-based startup had previously raised $1 million (around Rs 8.2 crore) in a seed round led by Omnivore in January 2023.
The new proceeds will be channelled towards capacity building from 50 tons to 500 tons in order to produce enough products to scale in multiple geographies, eFeed said in a press release.
Co- founded in 2021 by Kumar Ranjan, Ravi Chauhan, and Ankit Patel, eFeed offers nutritional supplements for livestocks and manufactures supplements with vitamins, minerals, and microbes to help cattle produce better-quality milk. The supplements focused on giving cattle the proper nutrients it needs to maintain a longer healthy life and help in bettering gut health.
According to eFeed, it aims to incentivise emission reduction through carbon markets, aligning business objectives with environmental sustainability. The company claims to witness 10X growth in monthly revenue and targets annual revenue of 100 crore in FY25. It also says that it has 1 lakh farmers in its ecosystem, 30% repeat users and has expanded its wings to Madhya Pradesh and Bihar and aims to reach 10 lakh farmers in 2024.
The other promising players in this space are AgroSonic, MeraPashu360 and Mooo.Farm and eFeed competes globally with Virbac, Nutreco, and Elanco.
Klub provides digital businesses with fast and flexible capital without having to dilute equity. Since its inception, it claims to have funded over 300 brands in over 600 investment rounds.
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