October 22, 2024: Dairy-tech firm Stellapps, to fast-track its mooMark business has raised $26 million in a Series C funding round. The funding was secured from existing andnew investors.
The mooMark business, thrust is on contract manufacturing and private-label dairy products that are high-quality, sustainable, and traceable, the company said in a statement.
Ranjith Mukundan, CEO of Stellapps, said. “We are excited to receive continued commitment from our existing investors and welcome aboard new investors as part of our Series C round. This capital will help mooMark scale its value-added dairy product offering to its customers across India in a sustainable manner and strengthen its export segment going forward.”
The Dairy IoT solutions company, began at IIT-Madras, focusing on contract manufacturing and private labeling of value-added dairy products under the “mooMark” brand, using a low-capex, tech-powered approach.
The tech stack enriches traceability and sustainability in mooMark products, minimising carbon footprint at farm level, enabling FMCG, D2C, and HoReCa businesses to offer premium, unique dairy products that align with Net Zero goals.
mooMark to uplift dairy economy with traceability and Sustainability
“Omnivore is a strong believer in India’s dairy sector which represents a colossal 6.5% of the nation’s GDP. We are excited to continue our partnership with Stellapps in their endeavor to provide high quality value-added dairy products at scale while uplifting the dairy economy with traceability, sustainability and farmer-first solutions,” Reihem Roy, Partner, Omnivore added.
With deployment in over 42,000 villages, the firm facilitates the everyday movement of over 14 million liters of milk. Stellapps is backed by investors including Celesta Capital, Nutreco, Qualcomm Ventures, ABB Technology Ventures, Venture Highway, Binny Bansal, BEENEXT, and Arun Seed.
The combined equity and debt round had participation from existing investors such as Blume Ventures, Omnivore, Bill & Melinda Gates Foundation, IDH Farmfit Fund, 500 Startups, and Blue Ashva Capital, with debt funding from the U.S. International Development Finance Corporation.
