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Stellapps technologies, which offers Internet of Things (IOT) in daily supply chain space, has recently filed its financial statements for FY20. According to the regulatory filings accessed by Techpluto, Stellapps’ net loss more than doubled in FY20 at Rs 37 Cr as compared to roughly 18 Cr it had incurred in FY19.
The increase in the net loss has been obviously due to a drop in revenue and increase in expenses. While Stellapps earned revenue of Rs 55 Cr in FY19, its revenue dropped to approximately Rs 40 Cr in FY20. Its expenses, on other hand, witnessed a slight increase, increasing from roughly INR 74 Cr in FY19 to INR 77 Cr in Fy20.
The Bengaluru based startup’s net cash flow stood at roughly Rs 15 Cr in FY20.
It must be noted that Stellapps had announced in July this year that it has raised undisclosed amount to debt funding from Stride Ventures. After accessing the regulatory filings, we came to know about the exact funds the startup had raised from Stride ventures.
As per the regulatory filings, Stellapps raised Rs 5 Cr from Stride Ventures in debt funding round. This funding was raised in two tranches, with the company separately issuing 300 NCDs and 200 NCDs at face value of Rs 1,00,0000 each to collectively raise Rs 5 cr.
Founded in 2011 by five entrepreneurs including Jinesh Shah and Praveen Nale, Stellapps aims to digitize and optimize milk production through its cold chain management that is based on cutting edge IOT technology.
Stellapps Co-founders argue that there is strong & overwhelming need for technology in milk production space especially in the developing countries like India where the yield per animal as well as quality is still very low.
