Bengaluru-based dairytech startup Stellapps is raising around INR 67 Cr in a follow-up round of its earlier raised Series B round. As per the regulatory filings accessed by Inc42, Stellapps will raise a fresh round of capital from IndusAge Partners, Qualcomm, Nutreco, ABB Switzerland, and Omnivore. The startup will be allotting 1,80,318 Series B1 CCPS to these investors.
The new round of funding will be led by agri-focused venture capital Omnivore which will be allotted 49,812 Series B1 CCPSs (compulsory convertible preference shares) at a premium of INR 3,704. As per the filings, the startup is looking to raise upto $15 Mn from its Series B investors and new investors and INR 67 Cr seems to be the first tranche of the funds.
Stellapps is also increasing its authorised share capital from INR 1,07,34,420 to INR 1,17,34,420. A startup ideally increases its share capital when it is trying to raise more rounds of funding. As per the filings, the startup is raising the funds for expansion of its business operations
Detailed questionnaires sent to the startup elicit no response at the time of publishing the story.
Founded by IIT alumni Ranjith Mukundan and Venkatesh Seshasayee in 2011 and incubated by IIT Madras, Stellapps offers end-to-end dairy technology solutions. The startup produces and procures comprehensive farm optimisation and monitoring support solutions to help dairy farmers and cooperatives maximise profits while minimising effort.
The startup everages new-age technologies like the Internet of Things (IoT), big data, cloud, mobility and data analytics to improve agri-supply chain parameters, including milk production, milk procurement, cold chain, animal insurance and farmer payments.
It raised its Series B round of $14 Mn from Bill and Melinda Gates Foundation, IndusAge Partners, along with Qualcomm Ventures, and ABB Technology Ventures in 2018. Back then, existing investors Omnivore, Blume Ventures, Venture Highway, and BEENEXT also participated in the round.
Stellapps also enjoys the support from Flipkart executive chairman Binny Bansal, among others. The startup raised an undisclosed amount of Series A funding from Blume Ventures, Bansal, and Venture Highway. Prior to this, it had also received an undisclosed amount of funding from venture capital firm Omnivore Partners in 2013.