Stellapps Technologies Secures $26 Million in Funding to Boost Dairy Operations

Bengaluru-based dairy tech firm Stellapps Technologies has made a significant comeback in the market with a $26 million Series C funding round. The company, which had previously raised funds three years ago, has attracted contributions from existing investors like Blume Ventures, Omnivore, and the Bill & Melinda Gates Foundation, as well as new investor Miledeep Capital. The U.S. International Development Finance Corporation (DFC) provided the debt component of the funding.

This latest influx of capital brings the company’s total funding to over $50 million. The funds will enable Stellapps to expand its portfolio of value-added dairy products sustainably to customers across India and strengthen its export segment. The company’s vertical, mooMark, specializes in contract manufacturing and private-label dairy products, emphasizing high-quality, sustainability, and traceability.

Although Stellapps started out as a provider of dairy IoT solutions, it has evolved into a significant player in the contract manufacturing and private labeling of value-added dairy products. The company’s unique approach combines technology and low capital expenditure to deliver its products to both Indian and global customers. This has enabled Stellapps to digitize over 14 million liters of milk flow each day, benefiting over 3.5 million farmers across 42,000 villages.

Stellapps’ sophisticated tech stack allows for enhanced traceability and sustainability, ensuring that its products are fully trackable and have a reduced carbon footprint, particularly at the farm level. This capability enables FMCG, D2C, and HoReCa businesses to offer premium, unique dairy products that align with their net-zero goals.

The company reported revenue of around Rs 360 crore in FY24 and is aiming for Rs 400 crore in FY25. Despite facing losses of nearly Rs 32 crore in FY23, Stellapps is optimistic about its growth prospects. The company is competing with other major players in the dairy sector, including Milk Mantra, Country Delight, Akshayakalpa, Sid’s Farm, Otipy, and others.

As the demand for sustainable and traceable dairy products continues to rise, Stellapps is well-positioned to capitalize on this trend and expand its market share. With its latest funding round, the company is set to further strengthen its presence in the Indian market and explore new opportunities for growth.