Stellapps Raises $26 Million to Expand mooMark Business
- Stellapps Technologies raised $26 million in its Series C round, combining equity and debt financing, with participation from Blume Ventures, Omnivore, and others.
- Stellapps impacts over 3.5 million farmers across 42,000 villages, digitizing over 14 million liters of milk daily.
Bengaluru-based dairy tech firm Stellapps Technologies has secured $26 million in a Series C funding round, combining equity and debt financing. This round saw participation from existing investors such as Blume Ventures, Omnivore, and the Bill & Melinda Gates Foundation, alongside new investor Miledeep Capital. The U.S. International Development Finance Corporation (DFC) provided the debt financing portion.
This marks Stellapps' return to the funding scene after a three-year pause. The company previously raised $18 million in a pre-Series C round from Nutreco in October 2021, and with this latest round, the total funding has reached approximately $50 million.
Ranjith Mukundan, founder and CEO of mooMark, stated:
“The capital raised will allow the company to expand its value-added dairy product offerings sustainably to customers throughout India and strengthen mooMark's export segment.”
mooMark, Stellapps’ vertical, focuses on contract manufacturing and private-label dairy products, highlighting high quality, sustainability, and traceability. Originally positioned as a Dairy IoT solutions provider, Stellapps has now evolved into a key player in the contract manufacturing and private labeling space.
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Using a low-capex, tech-driven model, the company delivers dairy products to customers in India and abroad. Stellapps’ advanced tech stack enhances traceability and reduces the carbon footprint, aligning with the sustainability goals of FMCG, D2C, and HoReCa businesses.
The firm claims to impact over 3.5 million farmers across 42,000 villages, digitizing more than 14 million liters of milk daily. Stellapps recorded a revenue of approximately Rs 360 crore in FY24 and is aiming for Rs 400 crore in FY25, with audited results pending.
Edited by Harshajit Sarmah
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