IIT Madras Idea Became a ₹565 Crore AgriTech Powerhouse
What began as a college project at IIT Madras has grown into one of India’s most inspiring AgriTech success stories. Stellapps, the Bengaluru-based dairy technology startup founded by IIT alumni in 2011, has transformed India’s cattle and dairy ecosystem by digitizing the entire milk supply chain—from the farm to the consumer’s cup .
From IoT to India’s Dairy Backbone
Stellapps started with a simple but profound insight: milk is the largest crop on the planet, yet the dairy supply chain in emerging markets suffers from low yields, inadequate traceability, and inconsistent quality . The founders—Ranjith Mukundan, Ravi Shiroor, Ramakrishna Adukuri, Praveen Nale, and Venkatesh Seshasayee—all IIT alumni and former Wipro employees, set out to change this .
The company built the SmartMoo™ IoT platform, an end-to-end technology solution that digitizes milk production, procurement, and cold chain management . Sensors embedded in milking systems, animal wearables, and milk chilling equipment acquire real-time data, which is then analyzed using machine learning to optimize every step of the supply chain . Today, Stellapps enables the movement of over 14 million liters of milk daily across more than 42,000 villages in India .
The mooMark Pivot: A Strategic Masterstroke
In 2020, Stellapps launched mooMark—a contract manufacturing and private-label dairy business that became the company’s growth engine . The insight was brilliant: instead of building a consumer brand from scratch, Stellapps leveraged its technology and processing capabilities to manufacture dairy products for established players. Today, 85% of the company’s revenue comes from mooMark, supplying milk, curd, ghee, paneer, and buttermilk to around 100 companies, including Zepto, Unilever, ITC, HUL, and hospitality giants like Sheraton and Lalit .
This strategic pivot allowed Stellapps to scale rapidly without the massive marketing costs of building a direct-to-consumer brand. The company’s IoT platform gives it a unique advantage: the ability to ensure traceability and sustainability, which is increasingly important for FMCG companies with Net Zero commitments . As Ranjith Mukundan, CEO of Stellapps, explained, “Ensuring that milk remains residue-free, that no one guards the system, and that the cold chain remains unbroken is critical given that milk is a highly perishable commodity” .
Impressive Financial Trajectory
The numbers speak for themselves. Stellapps reported revenue of ₹360 crore in FY24, and the company is targeting a ₹750 crore revenue run rate by FY26 . With a long-term goal of reaching ₹2,000 crore by FY29, Stellapps plans to go public, aiming for an IPO at a valuation between $450 million and $500 million .
A Funding Journey Fueled by Vision
Stellapps’ journey has been backed by some of the most respected names in impact investing. The company has raised over $77 million to date, with investors including Omnivore, the Bill & Melinda Gates Foundation, Qualcomm Ventures, Blume Ventures, and the U.S. International Development Finance Corporation . The most recent $26 million Series C round in October 2024 was used to scale its mooMark business and expand processing capacity across India .
From Classrooms to Crores
Stellapps’ story is a testament to what happens when purpose meets persistence. Starting as an idea incubated at IIT Madras, the company has proven that technology can solve real challenges faced by millions of farmers across India . It has brought farmers into the financial mainstream through partnerships with India Post Payments Bank, enabled cattle insurance through measurable data, and created sustainable livelihoods for smallholder farmers .
The company’s ambition now extends beyond India’s borders, with discussions underway to deploy its technology in Morocco, Brazil, and Europe . Stellapps’ journey shows that innovation can thrive far beyond urban tech hubs—and that the next unicorn might just be building the infrastructure that powers something as humble and vital as India’s daily glass of milk.
