Animal management and nutrition brand eFeed has secured INR 1 crore from revenue-based financing platform Klub.
In January 2023, the Pune-based startup had secured $1 million (around INR 8.2 crore) in a seed round led by Omnivore.
The newly acquired funds will be directed towards expanding capacity, increasing it from 50 tons to 500 tons, to ensure sufficient product output for expansion into various geographical regions.
Founded in 2021 by Kumar Ranjan, Ravi Chauhan, and Ankit Patel, eFeed offers nutritional supplements for livestock. The company manufactures supplements with vitamins, minerals, and microbes, aimed at enhancing the quality of milk produced by cattle. These supplements are designed to provide cattle with essential nutrients for sustaining a longer, healthier life and improving gut health.
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In 2023, eFeed saw a 10x financial growth by selling its innovative life cycle-based nutrition products. The company aims to reach an annual revenue target of INR 100 crores by the fiscal year 2025.
Kumar Ranjan, Founder of eFeed, commented on the company’s achievements, stating, “This past year has been a testament to our commitment to sustainable growth and making a positive difference in farmers’ lives. We’ve seen exponential growth, scaling our revenue from INR 10 lakh per month in January to 1 crore per month in 2023. Our focus on profitability and sustainable scaling has been key to our success.”
In the upcoming year, eFeed aims to bolster its influence and broaden its reach while maintaining a strong focus on profitability and sustainable expansion. Presently, the company has established a solid presence in Madhya Pradesh, Uttar Pradesh, and Bihar, with its market share in Maharashtra on the rise. With one lakh farmers already integrated into its ecosystem, eFeed aims to extend its reach to ten lakh farmers by 2024. Prioritizing the sustainable utilization of working capital for long-term scalability, the company currently operates at a 25% blended gross margin and maintains positive CM 2.
Ishita Verma, Chief Operating Officer of Klub, praised eFeed’s accomplishments and highlighted Klub’s role in accelerating their growth in India, stating, “The Indian agritech sector is set to address the $34 billion market by 2027. eFeed’s dedication to innovation and sustainability aligns perfectly with Klub’s mission to support impactful ventures. We’re proud to partner with eFeed in their journey towards profitability and sustainable growth, driving positive change in the agriculture sector.”
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