Stellapps, a leading dairy technology startup, has successfully raised $26 million (around INR 218.5 crore) in Series C funding. This investment combines both debt and equity, coming from a mix of existing and new investors.
Funding Details
Investors on Board
The funding round included major players like Blume Ventures, Omnivore, the Bill & Melinda Gates Foundation, IDH Farmfit Fund, 500 Global, and Singapore’s Blue Ashva Capital. New investor Miledeep Capital also joined the mix, with debt support from the U.S. International Development Finance Corporation (DFC).
Previous Funding Success
Earlier this year, Stellapps raised approximately $20 million in its Series C round, securing about 70% of that from existing investors. This latest round further solidifies their financial backing as they continue to grow.
Focus on mooMark Business
Stellapps plans to utilize the new funds to expand its mooMark business, which is centered on contract manufacturing and private-label dairy products. CEO Ranjith Mukundan emphasized that the investment will specifically enhance their range of value-added dairy offerings.
Conclusion
With this new capital, Stellapps is well-positioned to scale its operations and innovate within the dairy sector. The company’s commitment to enhancing its product line reflects its dedication to supporting the growing demands of consumers and smallholder farmers alike.
