Healthy Food Startup Madmix Raises Pre-Seed Funding At INR 12 Crore Valuation – Entrepreneur

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By Teena Jose Sep 6, 2023
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Madmix, owned by Mel Sante Food Production Pvt. Ltd., has secured a substantial investment in its pre-seed funding round at the valuation of approx. INR 12 crore. This development is spearheaded by Prime Securities and features investors like Authum Investments and Team India Managers. The investment will be utilised towards marketing efforts, sales team expansion and future product development.
“We’re thrilled by the incredible support our investors have shown – it’s a true validation of our journey into the realm of madness. Consumers are becoming more conscious and are making healthy choices and we want to support them in their journey. These funds will enable us to achieve our growth numbers and we’re just getting started,” said Gaurav Palrecha, founder and director, Madmix.
Madmix has a range of ready-to-eat snacks made from millet, millet based ready-to-cook range which includes dosa, idli, chilla, bread mix, and flour mix. In a press statement, the company said that this strategic injection of capital is set to boost Madmix into a new era of growth and opportunity after two years of bootstrapping. Despite limited financial resources, the company managed to expand its presence globally, reaching markets in Nepal, Hong Kong, New Zealand, and the USA.
“In India, snacking is more than just what we eat, it is a tradition and an important part of our cultural identity, as quoted by report ‘State of Snacking Report: A Global Consumer Trend Study’. We think the Company is revolutionising the idea of snacking with its ready-to-eat snacks and ready-to- cook range. We strongly believe in the Company’s prospects and this funding will aid the Company as it marches on in its growth journey,” said Apurva Doshi, senior vice-president, Equity Capital Markets, Prime Securities Limited.
News Desk Reporter with Entrepreneur India
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