Stellapps secured Series C funding of $26 Mn (around INR 218.5 Cr) in a mix of debt and equity infusion from a host of existing investors
The company plans to use the fresh capital to scale up its mooMark business
Stellapps, previously, raised around $20 Mn in its Series C funding round, where about 70% of the capital was raised from its existing investors, in January
Dairy tech startup Stellapps
Technologies has secured Series C funding of $26 Mn (around INR 218.5 Cr) in a mix of debt and equity infusion from a host of existing investors, including Blume Ventures, Omnivore, Bill & Melinda Gates Foundation, IDH Farmfit Fund, 500 Startups and Blue Ashva Capital, along with Miledeep Capital joining the cap table.
Additionally, the debt funding was provided by US International Development Finance Corporation (DFC).
The company plans to use the fresh capital to scale up its mooMark business.
mooMark, is focused on contract manufacturing and private labelled dairy business of high-quality value-added dairy products, that are both sustainable and traceable.
“This capital will help mooMark scale its value-added dairy product offering to its customers across India in a sustainable manner and strengthen its export segment going forward,” said Ranjith Mukundan, chief executive at Stellapps.
Founded in 2011 by Mukundan, Jinesh Shah, Praveen Nale, Ramakrishna Adukuri, Ravishankar Shiroor and Venkatesh Seshasayee, Stellapps provides a full-stack internet of things (IoT) platform to digitise and optimise the entire milk supply chain, right from production to procurement and storage.
The company also counts Celesta Capital, Nutreco, Qualcomm Ventures, ABB Technology Ventures, Venture Highway, Binny Bansal, BEENEXT and Arun Seed among its investors.
Stellapps, previously, raised around $20 Mn in its Series C funding round, where about 70% of the capital was raised from its existing investors, in January.
This development comes at a time when the dairy industry has been benefitting greatly with the help of dairy tech startups’ technology solutions. It has helped farmers to monitor the health of cattle, leading to improved yields, higher-quality dairy products, and enhanced milk quality.
A month ago, dairy tech startup ORIGHT secured $1 Mn (around INR 8.3 Cr) in a seed funding round to scale up its innovation platform, expand product offerings and bolster its marketing and sales efforts.
Meanwhile, industry peer Country Delight was looking to raise $9 Mn (INR 76 Cr) from Alteria Capital in a mix of debt and equity infusion.
As per Inc42 report, the Indian dairy industry is projected with an INR 49.95 Lakh Cr opportunity by 2032, growing at a CAGR of 13% from 2023.
