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Stellapps Tech, India’s pioneering dairy-tech company in its Series C funding raises $26 million
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Friday, 25 October, 2024, 16 : 00 PM [IST]
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Our Bureau, Bengaluru
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Stellapps Technologies, India’s pioneering dairy-tech company, has announced its Series C funding round of $26 million in equity & debt to accelerate its mooMark business. It is focused on contract manufacturing and private labelled dairy business of high-quality value-added dairy products (VADP), that are both sustainable and traceable. The Series C round saw participation from existing investors: Omnivore, Bill & Melinda Gates Foundation, IDH Farmfit Fund, Ashva Capital, and new investor Blume Ventures, 500Startups & Blue Miledeep Capital, with debt funding provided by US International Development Finance Corporation (DFC).
The Bengaluru-based is also backed by Technology Ventures, Celesta Capital, Venture Highway, Nutreco, Binny Bansal, Qualcomm Ventures, ABB Beenext and Arun Seed.
Ranjith Mukundan, CEO, Stellapps, said, "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.”
While Stellapps started as a Dairy IoT solutions, over a period it has established itself as a formidable player in contract manufacturing and private labelling of value-added dairy products under the brand.
The company utilises a low-capex and tech-powered approach to deliver these products to Indian and global customers. Its sophisticated tech stack improves traceability and sustainability, ensuring that the products are completely traceable and help in reducing the carbon footprint, especially at the farm level. This allows FMCG, D2C, and HoReCa businesses to offer premium, unique dairy products that support their Net Zero goals.
Incubated at IIT-Madras, its dairy-tech is deployed in over 42,000 villages, enabling the movement of more than 14 million litres of milk every day. With such extensive experience, the brand now effectively sources high-quality traceable milk, and processes & supplies premium value-added dairy products.
Vikram Gawande, lead - growth investments, Blume, said, “Stellapps to us stands for traceability and quality dairy. The recent funding will enable them to rapidly increase demand for their VADPs, positioning them as a formidable profitable supplier.”
Reihem Roy, partner, Omnivore, said, “India’s dairy sector represents a colossal 6.5% of the nation’s GDP. We are excited to continue our partnership with Stellapps in their endeavour to provide high quality value-added dairy products at scale while uplifting the dairy economy with traceability, sustainability and farmer-first solutions.”
Som Toohey and Melinda Gróf, investment managers, IDH Farmfit Fund, said, “We deepen our partnership with Stellapps, whose digital solutions are driving increased income and sustainability for smallholder dairy farmers across India. By scaling mooMark, Stellapps continues to enhance supply chain transparency and reduce environmental impact, aligning with our mission to support sustainable agricultural practices and inclusive business models that improve smallholder farmer livelihoods.”
Kiran Ch, chief strategy officer, Miledeep Capital, said, “We are 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.”
James Polan, vice president of Health & Agribusiness, DFC’s, said, “We support the promotion of farm-level traceability and increased farmer incomes in India’s dairy sector. Our loan to mooMark will support the company’s expansion into fully traceable VADP offerings and promote the inclusion of at least 200,000 smallholder dairy farmers in mooMark’s supply chain.”
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