Dairy-tech startup Stellapps has completed the first close towards its pre-series C round from various investors. The total size of the round was $18 million.
Led by global animal nutrition and aquaculture company, Nutreco, the fundraising round saw participation from existing investors including Qualcomm Ventures, Celesta Capital, and ABB Technology Ventures.
Stellapps is an international farm to consumer dairy digitization service provider, improving productivity and quality, while ensuring end-to-end traceability across the dairy supply chain. The company plans to employ the funds to rapidly scale its traceability network and extend its digital footprint across India.
The Indian market for dairy sector accounts for about 6.5% of India GDP, a market worth about US$225 billion. India is the largest milk producer in the world and contributes to 22% of global milk production.
Stellapps’ technology aims to ensure that farmers gain access to its services like farm improvement, cattle nutrition, credit, and insurance, to deliver assured quality across the dairy supply chain.
“Our vision is to unlock unprecedented value across the dairy supply chain for all stakeholders, especially smallholder farmers,” said Ranjith Mukundan, CEO of Stellapps. “We are on a mission to shift the Indian smallholder farmers into the agripreneur orbit by enhancing productivity, improving quality, and enabling traceability through our smartMoo solutions.”
Stellapps was founded in 2011 by five technology industry veterans who believed that IoT could transform rural India.
By enabling ecosystem partnerships through its online platform, Stellapps provides farmers access to financial services, quality nutrition, and timely veterinary care.
Stellapps' mooPay FinTech arm facilitates the financial inclusion of smallholder farmers by providing access to digital payments, banking, savings, cash withdrawal, credit, and insurance.
Fulco van Lede, CEO of Nutreco said, “The investment in Stellapps not only supports the farming industry to feed a growing global population in a more sustainable way, but also provides better prospects for smaller farmers.”
Last year, Stellapps was one of two Indian companies featured in the list of Technology Pioneers by the World Economic Forum.
The organized milk market is growing at 20% CAGR in India while value-added products are growing at 25% CAGR. Stellapps is scaling rapidly to address the present gaps in the dairy value chain and support farmers with its solutions.
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