Dairy technology startup Stellapps Technologies announced on Monday that it has raised $26 million in Series C funding, comprising a mix of equity and debt, to expand its ‘mooMark’ business. This business focuses on contract manufacturing and private-label dairy products, particularly high-quality, value-added dairy offerings. 

Series C is a late-stage investment round typically used by startups to scale up their operations.

The Series C funding round saw participation from existing investors, including Blume Ventures, Omnivore, 500 Startups, Bill & Melinda Gates Foundation, IDH Farmfit Fund, and Blue Ashva Capital participated in the round. A recent investor was Miledeep Capital.

The early-stage company received loan financing from the US International Development Finance Corporation (DFC).

Celesta Capital, Nutreco, Qualcomm Ventures, ABB Technology Ventures, Venture Highway, Binny Bansal, and BEENEXT are a few of the other investors in the company.

Ranjith Mukundan, CEO of Stellapps, said, “We are excited to receive continued commitment from our existing investors and welcome aboard new investors as part of our Series C round. 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.”

Founded at IIT Madras, Stellapps started off as a provider of IoT solutions for the dairy industry before expanding into private labelling and contract manufacture of value-added dairy products under the “mooMark” brand. The company uses a “low-capex and tech-powered approach” to ship these products to customers in India and other countries.

Vikram Gawande, Lead — Growth Investments, Blume Ventures, said, “Stellapps to us stands for traceability and quality dairy… The recent funding will enable them to rapidly increase demand for their Value-Added Dairy Products (VADP), positioning them as a formidable profitable supplier in the market.”

According to the company, Stellapps’ dairy technology is used in more than 42,000 communities, facilitating the daily transportation of more than 14 million litres of milk and having an influence on 3.5 million farmers.

“mooMark” hopes to strengthen its position as a pioneer in traceable and sustainable dairy nutrition with the additional financing.

Tired of missing hot stocks? Unicorn Signals provides powerful tools like stock scans and more help you make informed trading decisions. Download now and take control of your portfolio!