"We aim to hit Rs 400 crore ARR by October, IPO by 2029"

On track to break even this year, Stellapps Technologies sets its sights on becoming the world's go-to traceable nutrition company. RANJITH MUKUNDAN, Co-founder and CEO, speaks about the company's evolution, capital strategy, sector outlook and long-term ambition, in a chat with BW Businessworld's Resham Suhail

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How do you define the segment Stellapps operates in, dairy or something broader?

Traditionally, it is seen as dairy. But for us, it is about tech-first, traceable nutrition. Dairy is our starting point, it is India’s most consumed nutritional source at 450 grams per capita day, more than wheat, rice, egg or even chicken.

It is the largest, also probably the most perishable, fragmented crop. Around 600 million litres of milk are produced daily by 80 million smallholder farmers.

If we can solve for traceability, productivity and quality in such a complex value chain, we can apply the same tech stack across other nutrition verticals, both in India and globally.

What is the total size of the market you are operating in and where do you stand today?

Dairy contributes about 7.6 per cent of India’s GDP. We consume 600-650 million litres of milk daily. With an average price of Rs 50 per litre, you can estimate the market's magnitude.

We closed FY24 at Rs 360 crore in revenue and our goal is to cross Rs 450 crore by October.