Stellapps Raises Funding From IDH FarmFit
Funds will be utilized to develop advanced technologies to transform the agri supply chain
Stellapps has raised an undisclosed amount from IDH FarmFit, the funds' first equity investment in India. Stellapps, an end-to-end dairy technology solutions provider, and IDH Farmfit Fund have entered into a first-of-its-kind partnership as a result of this investment. Stellapps is its tech-first, platform-based dairy supply chain services. The increasing milk demand and the huge untapped potential for milk production offer ample opportunities for continuous growth for Stellapps.
Since its inception in 2011, the dairy tech startup expects to raise farmer net income by improving productivity in the value chain, enhancing milk quality and enabling trackability. The dairy tech startup is creating a digital highway and access network to enable the delivery of value-added services like credit, insurance, extension, agri-inputs, etc. Women constitute 83 per cent of dairy farmers in India. Stellapps has committed to promoting female leadership throughout the dairy value chain as it expands its reach in India.
"We are immensely happy to welcome IDH FarmFit Fund as an investor. The investment will contribute towards building out our vision of creating a digital ecosystem that enables smallholder farmers to become entrepreneurs. This involves enabling easy and timely access to extension services, quality cattle nutrition, financial services, market linkage. We look forward to learning from the rich experience of IDH FarmFit Fund to drive a significant impact in the Indian Agri sector," said Ranjith Mukundan, chief executive officer at Stellapps.
"We are delighted to support Stellapps with this new investment, which will improve farmer income and positively impact their lives. We shall witness the transformation of one of India's most crucial agricultural sectors. The company supports smallholder Indian farmers by increasing transparency, improving farming practices and enabling financial inclusion," said Varishna Tewarie, investment manager for Asia, IDH Farmfit Fund.
Stellapps is a farm-to-consumer dairy digitization service provider, improving productivity, quality and ensuring end-to-end traceability across the dairy supply chain. It leverages advanced analytics and artificial intelligence through its full-stack IoT platform to build a digital highway and an access network to deliver value-added services such as credit, insurance, agri inputs, etc.