ENA Sectors 2024-10-21 16:43:39 <p><span style="font-size:14px"><strong>New Delhi, Oct 21 (KNN)</strong> Dairy technology startup Stellapps Technologies announced on Monday that it has successfully raised USD 26 million in a Series C funding round, combining equity and debt financing.</span></p> <p><span style="font-size:14px">This capital will be utilised to scale its mooMark business, which specialises in contract manufacturing and the private labelling of high-quality value-added dairy products.</span></p> <p><span style="font-size:14px">Series C funding marks a significant phase for startups, typically used to expand operations and enhance market presence.</span></p> <p><span style="font-size:14px">The latest round saw robust participation from existing investors, including Blume Ventures, Omnivore, and the Bill and Melinda Gates Foundation, along with new backing from Miledeep Capital.</span></p> <p><span style="font-size:14px">The US International Development Finance Corporation (DFC) provided crucial debt funding, underscoring the confidence in Stellapps growth potential.</span></p> <p><span style="font-size:14px">Ranjith Mukundan, CEO of Stellapps, expressed enthusiasm over the support from both returning and new investors. </span></p> <p><span style="font-size:14px">This capital will help mooMark scale its value-added dairy product offerings sustainably and strengthen its export capabilities, he stated.</span></p> <p><span style="font-size:14px">The funding will enable the company to enhance its presence in the Indian market while expanding its reach globally.</span></p> <p><span style="font-size:14px">Stellapps, which originated as a Dairy IoT solutions provider at IIT Madras, has transitioned into contract manufacturing and private labelling under the mooMark brand.</span></p> <p><span style="font-size:14px">Utilising a low-capex and tech-powered approach, Stellapps has been able to deliver high-quality dairy products to customers both domestically and abroad.</span></p> <p><span style="font-size:14px">Vikram Gawande, Lead of Growth Investments at Blume Ventures, emphasised the importance of the funding. Stellapps represents traceability and quality in dairy.</span></p> <p><span style="font-size:14px">This recent investment will allow them to rapidly increase demand for their Value-Added Dairy Products (VADP), positioning them as a profitable supplier in the market.</span></p> <p><span style="font-size:14px">With its technology deployed across more than 42,000 villages, Stellapps facilitates the movement of over 14 million liters of milk daily, impacting approximately 3.5 million farmers.</span></p> <p><span style="font-size:14px">The companys efforts have not only improved supply chain efficiency but also enhanced the livelihoods of numerous dairy farmers.</span></p> <p><span style="font-size:14px">Miledeep Capitals Chief Strategy Officer, Kiran, expressed pride in supporting Stellapps. We are excited to be part of this journey as they strive for traceability and sustainability in the dairy supply chain, he noted, highlighting the firms commitment to fostering high-quality, traceable dairy products.</span></p> <p><span style="font-size:14px">With this significant funding, Stellapps aims to solidify mooMark as a leader in sustainable dairy nutrition, transforming the landscape of the dairy industry in India and beyond.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39655 https://knnindia.co.in/news/newsdetails/sectors/stellapps-technologies-secures-usd-26-million-in-series-c-funding-to-expand-moomark-dairy-brand 2024-10-21 16:43:39 knnindia.co.in