Bengaluru, February 17
Technology solutions provider for dairy sector Stellapps has raised an undisclosed sum from IDH FarmFit, which is the funds’ first equity investment in India.
Stellapps and IDH Farmfit Fund have entered into a first-of-its-kind partnership as a result of this investment. Since its inception in 2011, Stellapps has been working towards raising farmers net income by improving productivity in the value chain, enhancing milk quality, and enabling trackability. Besides, it is also enabling delivery of value-added services like credit, insurance, extension, agri-inputs among others etc.
“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, CEO, Stellapps.
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 India farmers by increasing transparency, improving farming practices, and enabling financial inclusion.”
The Indian dairy sector is the largest in the world, contributing 22% of global milk production.