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MokshaYug plans to raise $10 mn

BS Reporter  |  Chennai/ Bangalore 

(MYA), rural supply chain enablement company in the dairy segment, is looking to raise Rs 50-60 crore by second half of 2013. The company had earlier raised Rs 40 crore including infusion from American businessman and venture capitalist and The company as part of its growth initiatives has launched its dairy brand, Harsha Moily, the son of Veerappa Moily, Minister of Petroleum and Natural Gas, started the Mokhsa Yug in 2006 as a microfinance firm. Since then it has reshaped its business model to become a rural supply chain solutions provider with facilities to collect milk everyday from farmers in South Karnataka.

Over the next three years MYA aims to spread its network in Southern and Western India and generate revenues of more than Rs 500 crore. MYA is also looking to improve agri-farm productivity in the next three years. It aims to reach out to 100,000 dairy farmers while transforming their average milk yield per cattle from the present four litres per day to 15 litres per day in three years.

MYA has over the last 36 months, through the milk procurement base, established a rural supply chain platform in 23 rural clusters that has an estimated agri output value of more than Rs 1,000 crore per annum.

All of this from a network consisting of 15,100 farmers owning 18,200 cattle and 187 acres of irrigated land in 1,014 villages, across a transport network of 4,200 kms.

It is now positioning itself to harvest the value created through its rural supply chain platform to retail its milk, fruits and vegetables in urban India.

First Published: Fri, February 01 2013. 00:11 IST