Dairy tech startup Stellapps Technologies secures $26 million in series C funding

Bengaluru-based dairy tech startup Stellapps Technologies has raised $26 million in a mix of debt and equity funding led by existing investors, including Blume Ventures, Omnivore, and the Bill & Melinda Gates Foundation, with new investor Miledeep Capital joining in.

Debt financing was provided by the U.S. International Development Finance Corporation (DFC).

With this Series C funding, the IIT Madras incubated startup aims to expand its mooMark business, which focuses on contract manufacturing and private-label dairy products.

mooMark and its impact on dairy

mooMark emphasizes the production of sustainable and traceable dairy products. With the new capital, mooMark plans to increase its value-added dairy product offerings.

The startup employs a low-capital, technology-powered approach to deliver its products, ensuring sustainability and traceability throughout the supply chain.

“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.

The startup plans to focus on delivering high-quality dairy products to both domestic and international markets, starting with West Asia.

Investors comment

“Stellapps to us stands for traceability and quality dairy… The recent funding will enable them to rapidly increase demand for their Value-Added Dairy Products (VADP), positioning them as a formidable profitable supplier in the market,” said Vikram Gawande, Lead -- Growth Investments, Blume Ventures.

“Miledeep is excited to have invested in Stellapps as they work towards bringing traceability and sustainability across the dairy supply chain. We are proud to be part of this journey, supporting Stellapps and their brand ‘mooMark’ in their mission to offer high-quality, traceable dairy products that empower farmers, reduce environmental impact, and transform the dairy ecosystem,” Kiran, Chief Strategy Officer, Miledeep Capital.

Stellapps' market presence

Since its founding in 2011, Stellapps has grown into a significant player in the dairy-tech industry. Initially known for its Dairy IoT solutions, the startup has expanded its operations to include private labelling and contract manufacturing under the mooMark brand.

It claims to serve over 42,000 villages and processes more than 14 million litres of milk daily.

In terms of financial performance, Stellapps generated around Rs 360 crore in revenue in FY24 and is aiming for Rs 400 crore in FY25.