New Delhi, Feb 1 Homegrown dairy tech startup Stellapps is in advanced talks to raise approximately $20 million in its Series C fundraising round, the media reported.
According to Inc42, about 70 per cent of the funding will be raised from existing investors, such as Celesta Capital, Omnivore, Gates Foundation, IDH Farmfit Fund, Blume Ventures, and Qualcomm Ventures.
Stellapps cofounder and CEO Ranjith Mukundan also confirmed the development and said that a couple of new investors were also likely to participate in the funding round, the report mentioned.
With the new capital, the startup intends to expand further, with a special focus on value-added dairy products.
According to the CEO, the company plans to launch an IPO (Initial Public Offering) within the next 36-48 months.
"We’re building our brand towards IPO and (want to) provide our investors a 5X return. We are working towards listing our company at around $450 mn-$500 mn valuation during the IPO,” Mukundan was quoted as saying.
Moreover, the report mentioned that the company also started processing milk to supply value-added dairy products to B2B companies around July last year.
Currently, the startup provides curd, ghee, cottage cheese, buttermilk, and double-toned milk to FMCG brands.
It operates two processing plants, one in Uttar Pradesh and one in Bengaluru, and plans to increase the number to four.
Stellapps is a company founded in 2011 by IIT alumni and ex-Wipro employees Mukundan, Ravi Shiroor, Ramakrishna Adukuri, Praveen Nale, and Venkatesh Seshasayee.
The company provides a complete Internet of Things (IoT) platform to digitise and optimise the entire milk supply chain.
This includes the production, procurement, and storage of milk. Additionally, the platform connects farmers with financial and insurance institutions, cattle nutrition providers, and agro-input providers.
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