Dairy technology solutions provider Stellapps has raised $26 million in a mix of equity and debt funding, per media reports on Monday.
The funding round saw participation from 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. The debt portion of the financing came from the US International Development Finance Corporation (DFC), the media reports said.
The funds will be used for expanding Stellapps’ mooMark business, which focuses on contract manufacturing and private-label dairy operations, the reports said.
Started in 2011, Stellapps is a tech-driven, end-to-end, dairy-led food value chain platform. It leverages advanced analytics and artificial intelligence through its full-stack IoT platform to enable dairy ecosystem partnerships with financial & insurance institutions, veterinary services, cattle nutrition providers, agro-input providers, etc. to create value for small farmers and all the other stakeholders, according to its LinkedIn profile.
The company claims to impact over 3.5 million farmers across 42,000 villages, digitising more than 14 million litres of milk flow each day. It serves around 150 clients, including Unilever, Punjab Paneer, FreshToHome and Namdhari besides hotels, restaurants, and cafés (Horeca).
Stellapps reported a revenue of roughly Rs 360 crore in FY24 and is aiming for Rs 400 crore in FY25.