Stride Ventures, one of India’s leading venture debt funds, has invested an undisclosed amount in portfolio company Stellapps Technologies, an Internet of Things (IoT) firm operating in the dairy supply chain. This investment by Stride Ventures boosts investors’ confidence in the DairyTech sector and showcases allegiance to be a part of its transformation. With their second investment in Stellapps in less than a year, the fund intends to be a strategic partner in their journey with their customized offerings and deep relationships across banks and corporates.
Stellapps’ IoT platform
Stellapps is currently managing about 10 million litres of milk each day and leveraging advanced 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 among others to drive significant value for each stakeholder especially the smallholder farmers. Stellapps 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 InsureTech Solutions), mooFlow and mooOpt (Data analytics Solutions) enable end to end digitization of the dairy supply chain and drive productivity, better milk quality, and traceability. Stellapps counts among its clients several dairy farms, cooperatives, and private dairies operating in India and Europe.
Ranjith Mukundan, co-founder and chief executive officer, Stellapps Technologies, added, “We are constantly looking at increasing the extent of digitization in the dairy value chain and drive accretive value for farmers and milk processors. 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. In our endeavor to scale up our operations, we are happy to get an opportunity to partner with Stride Ventures and leverage their prior experience in corporate finance.”
Abhinav Suri, senior partner, Stride Ventures, said, “Stellapps is revolutionizing the Indian dairy sector through their digital solutions across the value chain. Despite the current Covid situation, we see Stellapps ramping up operations and supporting them with capital as they scale up. We are delighted to be part of this journey and the positive impact it’s creating in numerous lives.”