Madmix, a Mumbai-based startup specializing in healthy food, formerly known as Daily Staple, and owned and operated by Mel Sante Food Production Pvt. Ltd., has achieved a significant milestone by successfully securing a substantial investment during its pre-seed funding round. The company is now valued at approximately INR 12 crores, with Prime Securities leading the investment round. Notable investors, including Authum Investments and Team India Managers, also participated in this funding endeavor.
The capital raised will be allocated towards enhancing marketing initiatives, expanding the sales team, and fueling future product development endeavors.
This well-timed infusion of capital is poised to propel Madmix into a transformative phase of growth and potential, following two years of self-funding. Despite operating with limited financial resources, the company successfully extended its global footprint, entering markets in Nepal, Hong Kong, New Zealand, and the USA. Furthermore, it has left a substantial mark in India, with its products now accessible in more than 650 stores across the country.
Moreover, coupled with Madmix’s recent rebranding and forward-looking strategy, the company is positioned to reach new heights in the realm of health-conscious and pioneering food offerings.
Madmix offers a variety of ready-to-eat snacks crafted from millets, such as jowar, featuring a selection of puffs available in five distinct flavors. Additionally, they have introduced a millet-based ready-to-cook product line, encompassing dosa, idli, chilla, bread mix, and flour mix. Madmix is dedicated to replacing unhealthy dietary choices with wholesome alternatives, and their ongoing commitment to innovation drives the development of new and nutritious products.
Gaurav Palrecha, Founder & Director, Madmix said, “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!“
Mr. Apurva Doshi, Sr Vice President, Equity Capital Markets, Prime Securities Limited said, “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.”
Mrs. Niru Kanodia, Director, Team India Managers Limited said, “The idea of mindful and healthy eating will drive the demand for snacking in India. We firmly believe that Madmix is rightly placed and offers balanced nutrition in every product combining with health and taste.”
Madmix, a health-focused startup with a mission to offer nutritious and delectable food items at affordable prices, is deeply committed to inventing distinctive and delightful flavors. Their team of experts is devoted to crafting innovative taste experiences that will captivate and satisfy your palate. Madmix consistently explores fresh combinations and techniques to bring you exciting and unforgettable flavors. The company’s ultimate goal is to ensure customer happiness and contentment with their products.
