Stellapps Technologies, a pioneering dairy technology startup, has announced a significant milestone: securing $26 million in Series C funding. This funding will be pivotal in scaling their innovative
Stellapps Technologies, a pioneering dairy technology startup, has announced a significant milestone: securing $26 million in Series C funding. This funding will be pivotal in scaling their innovative ‘mooMark’ brand, which focuses on high-quality, value-added dairy products through contract manufacturing and private labeling.
The Series C funding round, typically reserved for late-stage startups aiming to expand operations, attracted a mix of both equity and debt investments. Notable participants included existing investors such as Blume Ventures, Omnivore, the Bill and Melinda Gates Foundation, IDH Farmfit Fund, 500 Startups, and Blue Ashva Capital. New investor Miledeep Capital also joined the ranks, while the U.S. International Development Finance Corporation (DFC) contributed with debt funding.
Stellapps has a diverse investor portfolio, including prominent names like Celesta Capital, Nutreco, Qualcomm Ventures, and ABB Technology Ventures, showcasing the trust and confidence the startup has garnered in the industry.
Ranjith Mukundan, CEO of Stellapps, expressed enthusiasm about the ongoing support from existing investors and the addition of new partners. “This capital will empower ‘mooMark’ to enhance its offerings in value-added dairy products and expand its reach sustainably across India, while also strengthening our export capabilities,” he stated.
Originally incubated at IIT Madras, Stellapps began its journey as a provider of Dairy IoT solutions. The company has since evolved, focusing on contract manufacturing and private labeling of dairy products under the ‘mooMark’ brand. Utilizing a “low-capex and tech-powered approach,” Stellapps aims to deliver high-quality dairy products to both Indian and global markets.
The impact of Stellapps’ technology is substantial. Deployed in over 42,000 villages, the startup facilitates the movement of more than 14 million liters of milk daily, directly benefiting 3.5 million farmers. This integration not only supports local economies but also enhances the overall quality and traceability of dairy products.
Vikram Gawande, Lead for Growth Investments at Blume Ventures, highlighted the importance of this funding for Stellapps: “To us, Stellapps represents traceability and quality in dairy. The recent funding will enable them to meet the growing demand for Value-Added Dairy Products (VADP), positioning them as a leading and profitable supplier in the market.”
Miledeep Capital’s Chief Strategy Officer, Kiran, also shared his enthusiasm: “We are thrilled to invest in Stellapps as they strive to bring traceability and sustainability throughout the dairy supply chain. Supporting Stellapps and their ‘mooMark’ brand aligns with our commitment to high-quality, traceable dairy products that empower farmers and minimize environmental impact.”
With this new funding, ‘mooMark’ aims to solidify its leadership position in sustainable and traceable dairy nutrition, further transforming the dairy landscape in India.
As Stellapps moves forward, the emphasis on sustainability and traceability in dairy production becomes even more critical. The ongoing global conversation about food security, climate change, and sustainable practices aligns with Stellapps’ mission. The startup’s innovative approach not only benefits farmers and consumers but also contributes to a more resilient dairy supply chain.
In a world increasingly focused on responsible consumption and sustainable practices, Stellapps is well-positioned to lead the charge in redefining the dairy industry. With the backing of significant funding and a robust strategy, the company is poised to make a lasting impact on the agricultural landscape.
As they continue to innovate and grow, Stellapps exemplifies the potential of technology to transform traditional industries for the better—making high-quality dairy accessible, traceable, and sustainable for future generations.
