Stellapps raises funding from IDH FarmFit
Stellapps, an end-to-end dairy technology solutions provider, has raised an undisclosed amount from IDH FarmFit. This is the fund’s first equity investment in India. The investment will contribute towards creating a digital ecosystem that enables smallholder farmers to become entrepreneurs.
Team RuralVoice
Stellapps, an end-to-end dairy technology solutions provider, has raised an undisclosed amount from IDH FarmFit. This is the fund’s first equity investment in India. The two have entered into a first-of-its-kind partnership as a result of this investment.
Dairy tech start-up Stellapps is challenging the status quo of India’s dairy ecosystem through 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, Stellapps has expected to raise farmer net income by improving productivity in the value chain, enhancing milk quality, and enabling trackability. The start-up 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 says it is committed to promoting female leadership throughout the dairy value chain as it expands its reach in India.
Ranjith Mukundan, CEO, Stellapps, said: “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.”
Varishna Tewarie, the IDH Farmfit Fund’s investment manager for Asia, said: “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.”
Agri-business drives India's economy and dairy is its aorta, since it employs more than 40 per cent of the agri-workforce and contributes the greatest percentage to its agricultural GDP. The Indian dairy sector is the largest in the world, contributing 22 per cent of global milk production. The Indian dairy and livestock sector is a $225bn industry and contributes to 7.6 per cent of India’s GDP.
