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Food start-up Madmix raises the pre-funding round at a valuation of Rs 12 crore

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The funding round was led by investment banking service provider Prime Securities and investors such as Authum Investments and Team India Managers

Bengaluru: Healthy food start-up Madmix owned by Mel Sante Food Production has secured an investment in its pre-seed funding round at the valuation of about Rs 12 crore, the company said in a press release on Thursday.

The funding round was led by investment banking service provider Prime Securities and investors such as 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,” said Gaurav Palrecha, director of Madmix. “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.”

The company was bootstrapped for 2 years, yet managed to expand its presence globally, reaching markets in Nepal, Hong Kong, New Zealand, and the USA. Currently, Its products are available in over 650 stores nationwide.

“We think Madmix 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 it as it marches on in its growth journey,” said Apurva Doshi, senior vice president, Equity Capital Markets, Prime Securities Ltd.

Mumbai-based Madmix (previously known as Daily Staple) was founded by Palrecha in 2013 as a food brand that offers a variety of snacks made from millets which are available in 5 flavours.

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