[Funding alert] Stride Ventures backs portfolio dairy IoT firm Stellapps with fresh debt round
Stride Ventures has invested an undisclosed amount in portfolio company Stellapps Technologies, an Internet of Things (IoT) firm operating in the dairy supply chain.
This is the second investment by the venture debt fund in Stellapps in less than a year. Previously, the fund invested in the Bengaluru-based dairy IoT firm in December 2019.
Abhinav Suri, Senior Partner, Stride Ventures, said, Stellapps is revolutionising the Indian dairy sector through its digital solutions across the value chain.
“Despite the current COVID situation, we see Stellapps ramping up operations and would continue to support them with capital as they scale up,” Abhinav added.
Ranjith Mukundan, Co-founder and CEO, Stellapps Technologies
Founded in 2011, Stellapps is a farm to consumer dairy digitisation service provider. It leverages analytics and artificial intelligence through its full-stack IoT platform to enable dairy ecosystem partnerships with financial and insurance institutions, veterinary services, cattle nutrition providers, etc., to drive significant value for each stakeholder, including small farmers.
Through its customer-base, which includes all major private and co-operative dairies, Stellapps currently digitises about 10 million litres of milk worth $3.4 million every day, and directly impacts two million dairy farmers in over 28,000 Indian villages.
Ranjith Mukundan, Co-founder and CEO, Stellapps Technologies, added,
“Our vision through our data-led interventions across the dairy supply chain is to enhance productivity, profitability, and sustainability with milk quality and traceability as the cornerstone.”
Stellapps was incubated at IIT-Madras and later funded by Walden Riverwood Ventures-IndusAge, Qualcomm Ventures, ABB Technology Ventures (ATV), Bill & Melinda Gates Foundation (BMGF), Binny Bansal, Blume Ventures, Omnivore, Venture Highway, BeeNext, 500 Startups, and others.
Stellapps said its smartMoo suite of solutions, comprising of moon (herd management and cattle monitoring), smartAMCU and smartCC (Milk procurement), ConTrak (Cold chain management) and mooPay (Fintech and Insurtech solutions), mooFlow, and mooOpt (Data analytics solutions), enables end-to-end digitisation of the dairy supply chain and drive productivity, better milk quality and traceability, the company said.
Delhi-based Stride Ventures is focussed on providing debt solutions to growth stage startups. The fund announced the first close of its maiden fund in November 2019. This is its second funding announcement this week, after LetsTransport.