tellapps Technologies, a dairy technology startup, announced on Monday that it has raised $ 26 million in Series C funding, combining equity and debt, to expand its ‘mooMark’ business. This branch focuses on contract manufacturing and private label dairy products that are high-quality and value-added.
Series C funding is typically a later stage of investment where startups seek to grow their operations. Existing investors such as Blume Ventures, Omnivore, and the Bill and Melinda Gates Foundation participated, along with new investor Miledeep Capital. The US International Development Finance Corporation (DFC) also provided debt funding for the startup. Other notable investors include Celesta Capital, Nutreco, Qualcomm Ventures, and several others.
Ranjith Mukundan, CEO of Stellapps, expressed enthusiasm about the ongoing support from existing investors and welcomed new ones. He stated that this funding will help ‘mooMark’ grow its product offerings sustainably across India and enhance its export capabilities.
Originally founded at IIT Madras, Stellapps began as a provider of Dairy IoT solutions and has now shifted into contract manufacturing and private labeling under the ‘mooMark’ brand. The company takes a tech-driven approach to efficiently deliver products to customers in India and abroad.
Vikram Gawande from Blume Ventures commented that Stellapps represents traceability and quality in dairy. The new funding will help them meet growing demand for their value-added products, making them a strong competitor in the market.
Stellapps’ technology is utilized in over 42,000 villages, enabling the daily transport of more than 14 million liters of milk and benefiting 3.5 million farmers. Kiran from Miledeep Capital expressed excitement about supporting Stellapps in promoting traceability and sustainability in the dairy supply chain.
With this new investment, ‘mooMark’ aims to strengthen its role as a leader in sustainable and traceable dairy nutrition.