Agritech startup Stellapps has raised $14 million in one of the largest equity funding rounds led by Bill and Melinda Gates Foundation and IndusAge Partners, among others.
Powered by Internet of Things (IoT), cloud computing, data analytics and wearables, the Bengaluru-based startup will deploy the fresh proceeds towards product development and expansion.
With the backing from aforementioned investors, the startup aims to monitor the quantity and quality of milk, storage facilities, creating wearable devices for tracking cattle health and infrastructure and thus reducing the cost.
Founded in April 2011 by Ranjith Mukundan, Praveen Nale, Ravishankar Shiroor, Ramakrishna Adukuri, and Venkatesh Seshasayee, Stellapps was incubated at the rural technology business incubator in IIT Madras.
Stellapps has developed a full-stack IoT platform that spans the entire value chain, including precision farming, milk procurement, cold chain logistics, and processing. The firm has many dairy clients operating in India, Nepal, Kenya, Bulgaria, Russia, and France.
Currently, Stellapps’ products include SmartFarms (milk production), smartAMCU (milk procurement), ConTrak (milk cold chain), AgRupay (dairy farmer wallet) and MooKare (animal insurance).
Last year, Stellapps raised Series A funding led by Blume Ventures with the participation of high-profile investors like Flipkart co-founder Binny Bansal and Venture Highway.
The company received its seed funding in 2013 from Omnivore Partners. Omnivore is backed by diversified agri-business firm Godrej Agrovet, SIDBI and SBI among other financial institutions.
The development was reported by ET.