Stellapps Nets $26M to Expand Sustainable Dairy and Exports

Stellapps Technologies, a dairy-tech company, raised $26 million in its Series C funding round, which consisted of debt and equity funding. The founder and CEO of mooMark, Ranjith Mukundan, stated that the funds will enable the business to grow and provide customers in India with more sustainably produced value-added dairy products. Additionally, the fresh funds will also bolster mooMark’s export business.

Miledeep Capital, a new investor, and established investors Blume Ventures, Omnivore, and the Bill & Melinda Gates Foundation all contributed to this round. The loan financing came from the U.S. International Development Finance Corporation (DFC).

Despite starting as a provider of dairy IoT solutions, the Ranjith Mukundan-led company has grown to become a major force in contract manufacturing and private labeling dairy products with value-added under the “mooMark” brand. The 2011-founded firm uses technology to support low-capex delivery of its products to customers in India and worldwide.

The business 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.

According to the company it digitizes over 14 million liters of milk flow every day, affecting over 3.5 million farmers in 42,000 villages. Additionally, the business is targeting revenue of ₹400 crore in FY25, up from around ₹360 crore in FY24, and audited numbers are still pending. In FY23, the company made ₹305 crore in revenue and lost around ₹32 crore.