Stellapps pulled in $26 million in equity and debt in a Series C funding round. The fresh funding will boost the growth of the company’s mooMark brand, which uses end-to-end digitization to produce dairy products that are traceable and aim to have a limited environmental impact.
Several of Stellapps’ current investors — Blume Ventures, Omnivore, the Bill & Melinda Gates Foundation, IDH Farmfit Fund, 500 Startups and Blue Ashva Capital — made contributions alongside Miledeep Capital, a new investor. Debt funding came from the U.S. International Development Finance Corporation.
Born out of incubation at the Indian Institute of Technology Madras, Stellapps specializes in IoT solutions for the dairy industry. Its offerings reach more than 42,000 villages throughout India. The company says mooMark supplies businesses prioritizing sustainability with dairy products that support a reduced carbon footprint.
“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 in a statement.
