In its Series C funding round, Stellapps Technologies, a dairy technology company, raised $26 million in debt and equity financing. Existing investors Blume Ventures, Omnivore, and the Bill & Melinda Gates Foundation contributed to this round, along with new investor Miledeep Capital. Funding for the debt came from the U.S. International Development Finance Corporation (DFC).
After a three-year break, the Bengaluru-based company is back with this new funding round. In October 2021, it raised $18 million in a pre-Series C round from Nutreco. The company has raised close to $50 million so far.
According to Ranjith Mukundan, mooMark’s founder and CEO, the money raised will enable the business to sustainably grow its line of value-added dairy products for consumers across India. The export segment of mooMark will also be strengthened. High quality, sustainability, and traceability are key components of the vertical’s offerings, which are concentrated on contract manufacturing and private-label dairy products.
Stellapps developed into a major player in contract manufacturing and private labeling of value-added dairy products under the “mooMark” brand, despite having started out as a provider of dairy IoT solutions. The business delivers its products to both Indian and international clients using a low-capex, tech-powered strategy.
The company claims that, thanks to its advanced technology stack, traceability and sustainability are improved, making mooMark products completely traceable and contributing to a lower carbon footprint, particularly at the farm level. FMCG, D2C, and HoReCa companies can now offer high-end, distinctive dairy products that help them achieve their net-zero objectives thanks to this capability.
Over 3.5 million farmers in 42,000 villages are reportedly impacted by the company, which digitizes over 14 million liters of milk flow every day.
Aiming for Rs 400 crore in FY25, Stellapps reported revenue of about Rs 360 crore in FY24; audited results are still pending. In FY23, the company made Rs 305 crore in revenue and lost almost Rs 32 crore, according to startup data intelligence platform TheKredible.
This year, a number of dairy brands have raised venture capital, including Country Delight, Akshayakalpa, and Sid’s Farm. Otipy and Milky Mist are also in talks to raise more money.
