Stellapps Technologies, Bengaluru-based dairy tech company has secured $26 million in its Series C funding round through a combination of equity and debt financing. The round included existing investors such as Blume Ventures, Omnivore, and the Bill & Melinda Gates Foundation, along with new participant Miledeep Capital. The debt financing was provided by the U.S. International Development Finance Corporation (DFC).
This funding marks Stellapps’ return to capital markets after a three-year gap, following its $18 million pre-Series C round from Nutreco in October 2021. The total funding raised by the company now exceeds $50 million.
According to Ranjith Mukundan, CEO of Stellapps’ mooMark, the fresh capital will fuel the expansion of the company’s value-added dairy products across India and support the growth of its export business. MooMark focuses on contract manufacturing and private labeling of high-quality, sustainable dairy products. The company prioritizes traceability, ensuring transparency from farm to consumer while maintaining its commitment to sustainability.
Initially starting as a Dairy IoT solutions provider, Stellapps has transformed into a key player in contract manufacturing and private-label dairy products under the mooMark brand. Its low-capex, tech-powered model allows the company to serve both domestic and global customers, enhancing product quality and traceability.
Stellapps utilizes a sophisticated tech stack to ensure that mooMark products are traceable and contribute to reducing the carbon footprint at the farm level. This aligns with the growing demand for sustainable and premium dairy products in industries like FMCG, D2C, and HoReCa, helping businesses meet their net-zero goals.
The company’s impact is notable, with over 3.5 million farmers across 42,000 villages benefiting from Stellapps’ technology, which digitizes more than 14 million liters of milk flow daily.
Stellapps reported a revenue of approximately ₹360 crore for FY24 and is targeting ₹400 crore in FY25. In FY23, the company generated ₹305 crore in revenue but faced losses of around ₹32 crore, according to data from TheKredible.
In a competitive landscape, Stellapps faces rivals such as Milk Mantra, Country Delight, Akshayakalpa, Sid’s Farm, and Otipy.
