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Dairy tech startup Stellapps Technologies secures $26 million in series C funding

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  • Funding Round: Bengaluru-based dairy tech startup Stellapps Technologies raised $26 million in Series C funding, supported by existing investors such as Blume Ventures, Omnivore, and the Bill & Melinda Gates Foundation, along with new investor Miledeep Capital.

  • mooMark Expansion: The capital will be used to enhance the mooMark brand, which focuses on contract manufacturing and private-label dairy products, emphasizing sustainable and traceable practices in the dairy supply chain.

  • Burgeoning Market Presence: Stellapps has established itself as a significant player in the dairy-tech industry since its inception in 2011, claiming to serve over 42,000 villages and processing more than 14 million liters of milk daily.

  • Financial Performance: The startup generated approximately Rs 360 crore in revenue for FY24, with an aim to reach Rs 400 crore in FY25, indicating robust growth in its operations.

  • Strategic Vision: Stellapps aims to deliver high-quality dairy products to both domestic and international markets, starting with a focus on West Asia, while maintaining its commitment to sustainability and traceability in the dairy sector.

Bengaluru-based dairy tech startup Stellapps Technologies has raised $26 million in a mix of debt and equity funding led by existing investors, including Blume Ventures, Omnivore, and the Bill & Melinda Gates Foundation, with new investor Miledeep Capital joining in.

Debt financing was provided by the U.S. International Development Finance Corporation (DFC).

With this Series C funding, the IIT Madras incubated startup aims to expand its mooMark business, which focuses on contract manufacturing and private-label dairy products.

mooMark and its impact on dairy

mooMark emphasizes the production of sustainable and traceable dairy products. With the new capital, mooMark plans to increase its value-added dairy product offerings.

The startup employs a low-capital, technology-powered approach to deliver its products, ensuring sustainability and traceability throughout the supply chain.

“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 of Stellapps.

The startup plans to focus on delivering high-quality dairy products to both domestic and international markets, starting with West Asia.

Investors comment

“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.

“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.

Stellapps’ market presence

Since its founding in 2011, Stellapps has grown into a significant player in the dairy-tech industry. Initially known for its Dairy IoT solutions, the startup has expanded its operations to include private labelling and contract manufacturing under the mooMark brand.

It claims to serve over 42,000 villages and processes more than 14 million litres of milk daily.

In terms of financial performance, Stellapps generated around Rs 360 crore in revenue in FY24 and is aiming for Rs 400 crore in FY25.


Here’s a summarized list based on the information provided about Stellapps Technologies:

Startup:

  • Name: Stellapps Technologies
  • Location: Bengaluru, India
  • Focus: Dairy tech, specifically sustainable and traceable dairy products under the brand mooMark.

Founders:

  • CEO: Ranjith Mukundan (noted in the text)

Funding:

  • Total Raised: $26 million in a mix of debt and equity
  • Funding Series: Series C

Investors:

  • Existing Investors:
    • Blume Ventures
    • Omnivore
    • Bill & Melinda Gates Foundation
  • New Investor:
    • Miledeep Capital
  • Debt Provider:
    • U.S. International Development Finance Corporation (DFC)

Use of Funds:

  • To expand mooMark business, increase value-added dairy product offerings, and strengthen the export segment.

Market Presence:

  • Established: 2011
  • Operations: Serves over 42,000 villages and processes more than 14 million liters of milk daily.
  • Reported Revenue: Approximately Rs 360 crore in FY24, aiming for Rs 400 crore in FY25.

This summary encapsulates the critical details related to the fundraise for Stellapps Technologies.

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