Bangalore-based dairy technology startup Stellapps Technologies, has announced that it has raised $14 million in one of the largest equity funding rounds led by Bill and Melinda Gates Foundation and IndusAge Partners, Qualcomm Ventures, and ABB Technology Ventures.
The round also saw participation from existing investors Omnivore, Blume Ventures, Venture Highway, and BEENEXT. The company is aiming to focus is on reducing costs for the farmer by ensuring there are higher milk yields and consistent health of their cattle.
The freshly raised capital will be used by the company for monitoring the quantity and quality of milk, storage facilities, creating wearable devices for tracking cattle health and infrastructure for housing the cattle.
Ranjith Mukundan, CEO of the startup, said,
Stellapps is on a mission to digitise the dairy value chain and drive efficiencies for farmers and milk processors in the Indian dairy market. The company is entering a stage of accelerating growth, and this strategic group of investment partners will add tremendous value as we scale our technology platform to support more than 10 million litres of milk per day.
The startup, which is incubated at IIT-Madras, is also backed by Flipkart executive chairman Binny Bansal, and is touted to be one of the largest dairy IoT platforms in India. The startup had raised seed funding of undisclosed amount from Omnivore Partners, in January 2013.
Founded in 2011 by Ranjith Mukundan, Mr. Ravishankar G. Shiroor, Praveen Nale, Mr. Ramakrishna Adukuri, and Venkatesh Seshasayee, Stellapps is an India’s first of its kind end-to-end dairy technology solutions company. Their concept includes a Wi-Fi sensor module, a wiimote and IoT router that can be used for smart automatic milk collection unit and cold-chain monitoring, as part of Stellapps IoT platform.
In 2017, the company raised an undisclosed amount in a round led by Blume Ventures, along with participation by Binny Bansal, Flipkart Group CEO. In the same year, Stellapps was also the part of Qualcomm Design in India Challenge-II. Most recently, the startup was selected for IE20 programme’s 20 startups selected across India to set up their businesses in London, United Kingdom.
Stellapps’ clients include private dairies and dairy farms operating across India, Russia, France and Nepal, among other countries. Currently, Stellapps’ products include various applications for milk production, procurement, cold-chain management, a farmer wallet and cattle insurance application.