8th September 2023 Madmix, owned by Mel Sante Food Production Pvt. Ltd., has achieved a remarkable milestone by securing a substantial investment in its pre-seed funding round at the valuation of approx. INR 12 cr. This exciting development is spearheaded by Prime Securities and features prominent investors like Authum Investments and Team India Managers. The investment will be utilized towards marketing efforts, sales team expansion, and future product development.
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. Additionally, it has made a significant impact in India, with its products available in over 650 stores nationwide.
Further, with Madmix’s recent rebrand and forward-thinking approach, the company is poised to achieve new heights in the healthy and innovative food space.
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. Madmix is committed to replacing unhealthy eating with good-for-you food, and they are constantly innovating and developing new 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 combined with health and taste.”