Dairy-tech startup Stellapps Technologies secured Rs 209.79 crore from investors including Blume Ventures, Bill & Melinda Gates Foundation to expand its mooMark dairy business.
A wholly-owned subsidiary of Stellapps, mooMark is focused on contract manufacturing and private labelled dairy business of high-quality dairy products. It provides end-to-end services, from sourcing milk directly from farmers to processing and delivering finished products.
“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,” Stellapps CEO Ranjith Mukundan said.
The funding round saw participation from existing investors Blume Ventures, Omnivore, Bill & Melinda Gates Foundation, IDH Farmfit Fund, 500 Startups & Blue Ashva Capital, and new investor Miledeep Capital, with debt funding provided by the US International Development Finance Corporation (DFC).
Stellapps Technologies is an IIT Madras incubated farm-to-consumer dairy digitisation service provider. The Bengaluru-based company services over 3.5 million farmers across 42,000 villages, facilitating delivery of 14 million litres of milk daily.
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