 "Dairy-tech startup Stellapps raises $26 million in series C funding")
Dairy technology startup Stellapps Technologies on Monday announced that it has raised $26 million in series C funding in a mix of equity and debt to grow its ‘mooMark’ business, which focuses on contract manufacturing and private labelled dairy business of high-quality value-added dairy products.
Series C is a late-stage investment round. It is used by startups to scale up operations.
The round saw participation from existing investors Blume Ventures, Omnivore, Bill and Melinda Gates Foundation, IDH Farmfit Fund, 500 Startups, and Blue Ashva Capital. Miledeep Capital was a new investor.
The US International Development Finance Corporation (DFC) provided the startup with debt funding.
Some of the firm’s other investors include Celesta Capital, Nutreco, Qualcomm Ventures, ABB Technology Ventures, Venture Highway, Binny Bansal, and BEENEXT.
“We are excited to receive continued commitment from our existing investors and welcome aboard new investors as part of our Series C round. 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, CEO, Stellapps.
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Incubated at IIT Madras, Stellapps started as a Dairy IoT solutions provider, and has now ventured into contract manufacturing and private labelling of value-added dairy products under the “‘mooMark’” brand. The company utilises a “low-capex and tech-powered approach” to deliver these products to Indian and global customers.
“Stellapps to us stands for traceability and quality dairy… The recent funding will enable them to rapidly increase demand for their Value-Added Dairy Products (VADP), positioning them as a formidable profitable supplier in the market,” said Vikram Gawande, Lead -- Growth Investments, Blume Ventures.
Stellapps’ dairy-tech is deployed in over 42,000 villages, enabling the movement of more than 14 million litres of milk every day and impacting 3.5 million farmers, the company said.
“Miledeep is excited to have invested in Stellapps as they work towards bringing traceability and sustainability across the dairy supply chain. We are proud to be part of this journey, supporting Stellapps and their brand ‘mooMark’ in their mission to offer high-quality, traceable dairy products that empower farmers, reduce environmental impact, and transform the dairy ecosystem,” Kiran, Chief Strategy Officer, Miledeep Capital.
With the new funding, ‘mooMark’ aims to reinforce its position as a leader in sustainable and traceable dairy nutrition.