One-stop Diary tech Startup 'Stellapps' secures $26 million in Series C
An inventive Diary tech firm, Stellapps Technologies secures $26 million in Series C funding round that consisted of debt and equity funding. Miledeep Capital, a new financial backer, and established investors Blume Ventures, Omnivore, and the Bill & Melinda Gates Foundation all contributed to this funding round. The loan financing came from the U.S. International Development Finance Corporation (DFC).
After a long three-year break, the Bengaluru-based venture has returned with this new investment round. In the month of October 2021, the company raised $18 million in a pre-Series C funding round from Nutreco. The business has raised more than $50 million to date.
The founder and CEO of mooMark, Ranjith Mukundan, stated that the funds received will enable the business to grow and provide customers in India with more sustainably produced value-added dairy products. It will also bolster mooMark's export business. The vertical emphasizes high quality, sustainability, and traceability in its offers and concentrates on contract manufacturing and private-label dairy products.
Stellapps started out as a provider of dairy IoT solutions, but over time it has grown to become a major force in private labeling and contract production of dairy products with value added under the "mooMark" brand. The company delivers its products to customers in India and around the world using a low-capex, tech-powered strategy.
The company claims that its advanced technology stack improves sustainability and traceability, making mooMark goods completely traceable and contributing to a lower carbon footprint, particularly at the farm level. Businesses in the FMCG, D2C, and HoReCa sectors may now provide distinctive, high-quality dairy products that help them achieve their net-zero objectives.
The company states that it digitizes over 14 million liters of milk flow every day, affecting over 3.5 million farmers in 42,000 villages.
With certified figures still pending, Stellapps reported revenue of about Rs 360 crore in FY24 and plans to reach Rs 400 crore in FY25. TheKredible, a startup data intelligence platform, reports that the company's revenue for FY23 was Rs 305 crore, while losses were close to Rs 32 crore.
Milk Mantra, Country Delight, Akshayakalpa, Sid's Farm, Otipy, and other companies are its rivals.
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After a long three-year break, the Bengaluru-based venture has returned with this new investment round. In the month of October 2021, the company raised $18 million in a pre-Series C funding round from Nutreco. The business has raised more than $50 million to date.
The founder and CEO of mooMark, Ranjith Mukundan, stated that the funds received will enable the business to grow and provide customers in India with more sustainably produced value-added dairy products. It will also bolster mooMark's export business. The vertical emphasizes high quality, sustainability, and traceability in its offers and concentrates on contract manufacturing and private-label dairy products.
Stellapps started out as a provider of dairy IoT solutions, but over time it has grown to become a major force in private labeling and contract production of dairy products with value added under the "mooMark" brand. The company delivers its products to customers in India and around the world using a low-capex, tech-powered strategy.
The company claims that its advanced technology stack improves sustainability and traceability, making mooMark goods completely traceable and contributing to a lower carbon footprint, particularly at the farm level. Businesses in the FMCG, D2C, and HoReCa sectors may now provide distinctive, high-quality dairy products that help them achieve their net-zero objectives.
The company states that it digitizes over 14 million liters of milk flow every day, affecting over 3.5 million farmers in 42,000 villages.
With certified figures still pending, Stellapps reported revenue of about Rs 360 crore in FY24 and plans to reach Rs 400 crore in FY25. TheKredible, a startup data intelligence platform, reports that the company's revenue for FY23 was Rs 305 crore, while losses were close to Rs 32 crore.
Milk Mantra, Country Delight, Akshayakalpa, Sid's Farm, Otipy, and other companies are its rivals.
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