The pre-funding round has been led by Prime Securities
Madmix, owned by Mel Sante Food Production has securing an investment in its pre-seed funding round at the valuation of approx Rs 12 crore. This round has been led by Prime Securities and features investors like Authum Investments and Team India Managers.
The company said that the investment will be utilised towards marketing efforts, sales team expansion and future product development. This funding will boost the company’s growth and opportunity after two years of bootstrapping. Currently the company has its presence in the markets of India, Nepal, Hong Kong, New Zealand, and the USA.
Madmix has a range of ready-to-eat snacks made from millets like jowar including puffs in 5 different flavours. They also have a millet based ready-to-cook range which includes dosa, idli, chilla, bread mix, and flour mix.
“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! “ Gaurav Palrecha, founder and director, Madmix said.
Mr. Apurva Doshi, senior vice president, Equity Capital Markets, Prime Securities Limited said and Mrs. Niru Kanodia, director, Team India Managers Limited also shared their views and laid emphasis on mindful eating and stated that the funding will help Madmix march on its growth journey.