Mr Milkman in talks to raise $5 million from agri-tech VCs

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After raising its first round of funding from the founders of  mosquito repellent brand AllOut, SaaS-based dairy startup Mr Milkman is in talks to raise $3-5 million in its next round of funding, a senior executive said.

"We have got soft commitments from some institutional venture capital funds who have invested in agri-tech space in India," Samarth Setia, Chief Executive Officer and co-founder of Mr Milkman told Moneycontrol in an interaction.

Till now, the company has provided technological support to dairy firms in India across 50 cities. The amount raised will be utilised by the company to extend its offering to hardware products.

The plan is to provide dairy firms a hardware to gauge temperature fluctuations at the retail outlets, Setia said, adding that this will help the firms know whether or not optimum temperature was maintained at the retail outlet.

Founded in 2017, Mr Milkman works with large small-scale dairies, milk brands and individual milk suppliers to better organise themselves using an online SaaS platform. It organises and automates the customer management. It also helps various dairies keep track of their operational processes by reporting anomalies and providing extensive reports.

It takes the customer management segment onto an online platform and supervises the operational processes, right from procurement at the farm to delivery to the end consumer by digitising the entire value chain.

It also enables its customers to track sales and customer consumption patterns by providing a real-time, data driven, analytical dashboard. This data helps dairies manage demand and sales forecasting, and distribution. The platform also allows creation of offline distribution channel hubs, and tracks transportation and end customer delivery.

Some of the organisations Mr. Milkman has tied up with are Milk Mantra, Whyte Farms, Amlaan A2 Milk, Himalayan Creamery, Go4Life, Milk Valley Farms, among others.