Dairytech

Dairy-Tech Firm Stellapps Raises $26 Million to Accelerate mooMark Business

• ByStartupStory     |    October 21, 2024

Stellapps Technologies, a Bengaluru-based dairy-tech firm, has secured USD 26 million in its Series C funding round. The round, which is a combination of both equity and debt financing, saw participation from a mix of existing and new investors. Notable names in the round include Blume Ventures, Omnivore, the Bill and Melinda Gates Foundation, IDH Farmfit Fund, 500 Startups, and Blue Ashva Capital. The round also welcomed Miledeep Capital as a new investor.

Debt funding for the round was provided by the US International Development Finance Corporation (DFC). This funding follows a three-year gap after Stellapps’ last pre-Series C round in October 2021, where it raised USD 18 million from Nutreco. To date, the dairy-tech firm has raised more than USD 50 million in total.

Stellapps is backed by several other prominent investors, such as Celesta Capital, Qualcomm Ventures, ABB Technology Ventures, and Binny Bansal.

Commenting on the latest funding round, Ranjith Mukundan, CEO of Stellapps, said, “We are excited to receive continued commitment from our existing investors and welcome new investors as part of our Series C round. This capital will help mooMark scale its value-added dairy product offering across India sustainably and strengthen its export segment moving forward.”

Founded in 2011, Stellapps began by offering IoT-based dairy solutions but has since expanded into the value-added dairy product (VADP) space with its own brand, mooMark. The company initially developed a Digital Access Network (DAN), providing digitised end-to-end supply chain solutions for the dairy industry.

Over the years, Stellapps has combined its technological strengths in advanced analytics and artificial intelligence to create a holistic ecosystem for dairy farmers. The company has forged partnerships with financial institutions, insurance providers, veterinary services, and cattle nutrition experts to deliver value for small farmers and other key stakeholders in the dairy industry.

mooMark, Stellapps’ flagship brand, utilises a tech-powered, low-capex approach to provide premium dairy products that are fully traceable and sustainable. The company’s focus on traceability and reducing carbon footprints at the farm level aligns with the growing demand for sustainability, making it a preferred partner for FMCG, D2C, and HoReCa businesses looking to meet their Net Zero targets.

Stellapps’ solutions are now deployed in over 42,000 villages across India, digitising the flow of more than 14 million liters of milk daily. Leveraging its extensive reach and experience, mooMark sources high-quality, traceable milk and processes it into value-added dairy products that cater to both domestic and international markets.

Vikram Gawande, Lead of Growth Investments at Blume Ventures, praised the company’s achievements: “Stellapps stands for traceability and quality. Ranjith and his team have built a strong network for traceable milk using their technology. This funding will help them meet the growing demand for VADPs.”

Reihem Roy, Partner at Omnivore, added, “India’s dairy sector is vital to the economy, contributing 6.5% to the GDP. We’re thrilled to continue our partnership with Stellapps as they scale high-quality, traceable dairy products while supporting farmers.”

As mooMark continues to scale its operations, Stellapps remains focused on its vision of a sustainable future for India’s dairy farmers. The company is dedicated to empowering FMCG, D2C, and HoReCa sectors with premium, differentiated dairy products while promoting sustainability and traceability across the dairy supply chain.

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