PE Fund Investments
Dairy tech firm Stellapps raises $26-M from Blume, Omnivore, DFC, others
Bengaluru-based dairy technology solutions startup Stellapps has raised USD 26 million in a mix of equity and debt. Existing investors Blume Ventures, Omnivore, Bill & Melinda Gates Foundation, IDH Farmfit Fund, 500 Global (formerly 500 Startups) and Singapore-based Blue Ashva Capital along with new investor Miledeep Capital participated in the funding round. The firm also has raised debt from the US International Development Finance Corporation (DFC).The funds will be used for expanding Stellapps' mooMark business, which focuses on contract manufacturing and private-label dairy operations.Founded in 2011 by Ranjith Mukundan, Ravishankar G Shiroor, Praveen Nale, Ramakrishna Adukuri and Venkatesh Seshasayee, Stellapps focuses on improving productivity and quality while ensuring end-to-end traceability across the dairy supply chain.Stellapps’ dairy-tech is claimed to have been deployed in over 42,000 villages, facilitating the movement of over 14 million litres of milk per day. It serves around 150 clients, including Unilever, Punjab Paneer, FreshToHome and Namdhari. The company clocked a revenue of around INR 360 crore in FY24.
Between Jul 2013 and Sep 2021, Stellapps Technologies had raised about USD 36.36 M from ABB Technology Ventures, Blue Ashva Capital, Celesta Capital, IDH FarmFit Fund, IndusAge Partners, Omnivore Partners, Qualcomm Ventures, Stride Ventures, Beenext, Blume Ventures, Gates Foundation and VH Capital.
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