Food startup Madmix raises approx. $1.4M in seed funding

Mumbai-based healthy food startup Madmix, formerly known as Daily Staple and owned by Mel Sante Food Production Pvt. Ltd., has successfully raised a significant pre-seed funding round led by Prime Securities, valuing the company at approximately $1.4 million.

This investment round also includes participation from notable investors like Authum Investments and Team India Managers. The funds raised will be utilized for marketing initiatives, expanding the sales team, and further developing their product offerings.

Madmix, despite bootstrapping for two years, has managed to expand its global presence, reaching markets in Nepal, Hong Kong, New Zealand, and the USA. In India, the company has made a substantial impact, with its products available in over 650 stores nationwide.

The recent rebranding of Madmix, coupled with their innovative approach to healthy foods, positions the company for significant growth and success in the health-conscious food industry. Madmix offers a range of ready-to-eat snacks made from millets like jowar in various flavors. Additionally, they offer a millet-based ready-to-cook product line, including dosa, idli, chilla, bread mix, and flour mix. Their mission is to replace unhealthy eating choices with nutritious and delicious food, and they continuously innovate and develop 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 combining with health and taste.”