NEW DELHI, 12 May 2024: Cornext, which is building a fodder ecosystem to support dairy cattle farmers, announced today that it has raised USD 2.2 million in a Seed round from Omnivore.
The startup is solving the fodder deficit through its patented silage baling technology. Silage is a preservation technique where nutrient-rich green fodder is cut fresh, chaffed, and tightly packed, allowing it to be used year-round without spoilage.
Silage has struggled to take hold in India due to the high costs of the infrastructure required, which is ill-suited for smallholder dairy farmers. Cornext’s baling technology makes compact 50 kg silage bales, which are sold to dairy farmers through a network of village-level fodder entrepreneurs. Cornext has, so far, launched 400+ fodder entrepreneurs across India and has begun exporting its silage baling machines across Asia, Africa, and Latin America.
Based in Hyderabad, Cornext was founded in 2015 by Madhav Kshatriya and Feroz Ahmed. The two founders have over three decades of industry experience between them in dairy cattle management and logistics. Currently, Cornext is serving as a member of the National Advisory Council of India’s Department of Animal Husbandry. In 2020, the startup received the National Best Startup Award in Agriculture-Allied Sectors from the Government of India.
Madhav, Co-founder of Cornext, said, “Cornext aims to be the go-to company for all things silage. With this round of funding, we aim to ramp up the yearly silage production to 1 million MT by 2026 and invest in R&D in baling technology. Our institutional clientele to date includes AMUL, SUMUL, BANAS, MILMA, KMF, and many other large dairies and cooperatives. We are excited to have Omnivore’s support and make a positive impact on smallholder incomes and cattle health.”
Jinesh Shah, Managing Partner at Omnivore, said, “Cornext is solving one of the most chronic problems in Indian agriculture – affordable cattle nutrition. India’s milk productivity is one of the lowest in the world, mainly due to fodder shortage. Cornext is changing this narrative, and we are keen to see Madhav and Feroz’s vision come to life."
Pradeep Dhobale, advisor to Cornext, Chairman of the Green Entrepreneurship Council of CII-GBC and Ex-Director on the Board of ITC Limited, added, “I am thrilled by the faith and confidence investors have shown in Cornext's vision throughout its journey. This milestone validates the potential impact of Cornext's business model on all stakeholders in the dairy industry.”
