Dairy technology firm Stellapps Technologies has successfully raised $26 million in its Series C funding round, combining both equity and debt investments. The round saw participation from existing backers like Blume Ventures, Omnivore, and the Bill & Melinda Gates Foundation, alongside new investor Miledeep Capital. The U.S. International Development Finance Corporation (DFC) contributed the debt financing portion.
This marks a significant fundraising milestone for the Bengaluru-based company, which last raised $18 million in a pre-Series C round in October 2021. To date, Stellapps has secured over $50 million in total funding.
Ranjith Mukundan, founder and CEO of Stellapps, shared that the fresh capital will enable the company to expand its mooMark value-added dairy products across India while also boosting its export division. The mooMark vertical emphasizes contract manufacturing and private labeling of premium dairy products, with a strong focus on sustainability and quality.
Originally founded as a Dairy IoT solutions provider, Stellapps has transformed into a major player in the contract manufacturing and private-label dairy industry under its mooMark brand. Leveraging a low-capital, tech-driven model, Stellapps ensures its products are accessible to both domestic and international markets.
The company’s advanced technology enhances product traceability and sustainability, helping mooMark products align with net-zero targets by reducing the carbon footprint at the farm level. This approach appeals to businesses in the FMCG, D2C, and HoReCa sectors, offering them high-quality, traceable dairy products.
Stellapps is currently impacting over 3.5 million farmers in 42,000 villages and digitizing over 14 million liters of daily milk flow.
For FY24, the company reported a revenue of approximately Rs 360 crore, with a goal of reaching Rs 400 crore in FY25. According to TheKredible, Stellapps generated Rs 305 crore in revenue in FY23 but faced losses amounting to Rs 32 crore.
In the competitive dairy landscape, Stellapps competes with firms such as Milk Mantra, Country Delight, Akshayakalpa, Sid’s Farm, and Otipy.