Dairy tech company Stellapps Technologies has successfully completed its Series C round of funding, raising a total of $26 million, comprising both equity and debt structures. Longstanding backers such as Blume Ventures, Omnivore, and the Bill & Melinda Gates Foundation, as well as the new participant Miledeep Capital, took part. The debt was provided by the U.S. International Development Finance Corporation (DFC).
Stellapps raises $50 Mn to date for mooMark brand
This new funding round is Stellapps Technologies’ first in three years. The Bengaluru-based firm previously raised $18 million in a pre-Series C round from Nutreco in October 2021. So far, the company has raised nearly $50 million.
Continue Exploring: Manipal Group, Mankind Pharma, and Cipla to invest in quick commerce giant Zepto – Report
According to Entracker, Ranjith Mukundan, founder and CEO of mooMark, said the capital will help the company sustainably expand its value-added dairy products across India and strengthen its export arm. The company focuses on contract manufacturing and private-label dairy products, prioritising high quality, sustainability, and traceability.
However, Stellapps started as a Dairy IoT solutions provider but has now become a major player in contract manufacturing and private labelling value-added dairy products under the “mooMark” brand. The company uses a low-cost, tech-driven approach to deliver its products to customers in India and globally.
Continue Exploring: UK – based Accessorize London to launch 7 to 10 stores annually in India, eyes travel retail space
Stellapps aligns mooMark with net zero carbon footprint goals
Meanwhile, the company says its advanced tech improves traceability and sustainability, making mooMark products fully traceable and reducing their carbon footprint, especially on farms. This helps FMCG, D2C, and HoReCa businesses offer premium dairy products that support their net zero goals.
Furthermore, Stellapps says it impacts over 3.5 million farmers in 42,000 villages, digitising more than 14 million litres of milk daily. It reported a revenue of about Rs 360 crore in FY24 and aims for Rs 400 crore in FY25, with audited results pending. According to TheKredible, Stellapps had Rs 305 crore in revenue and faced nearly Rs 32 crore in losses in FY23.
Looking ahead, Country Delight, Akshayakalpa, and Sid’s Farm have received venture funding this year. Meanwhile, Otipy and Milky Mist are in talks to raise more capital.
