Dairy tech startup Stellapps Technologies has raised $26 million in its Series C funding round in equity & debt to accelerate its mooMark business.
The round saw participation from existing investors (Blume Ventures , Omnivore, Bill & Melinda Gates Foundation, IDH Farmfit Fund, 500 Startups & Blue Ashva Capital), and new investor Miledeep Capital, with debt funding provided by the U.S. International Development Finance Corporation (DFC) .
mooMark is focused on contract manufacturing and private labelled dairy business of high-quality value-added dairy products, that are both sustainable and traceable.
“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.
Backed by Celesta Capital, Ventures, Venture Highway, Binny Bansal, and others, Stellapps started as a dairy IoT solutions provider. The company utilises a low-capex and tech-powered approach to deliver these products to Indian and global customers.
Incubated at IIT-Madras, Stellapps’ dairy-tech is deployed in over 42,000 villages, enabling the movement of more than 14 million liters of milk every day.
Several dairy brands, including Country Delight, Akshayakalpa, and Sid’s Farm, have secured venture funding this year.