On September 6th, Madmix, a subsidiary of Mel Sante Food Production Pvt. Ltd., achieved a significant milestone with a significant pre-seed funding infusion, valuing the company at around INR 12 crore.” Prime Securities is orchestrating this noteworthy achievement, which includes notable investors such as Authum Investments and Team India Managers. The cash will be used for marketing campaigns, sales force expansion, and future product development.
Following two years of self-funding, this strategic capital infusion is ready to catapult Madmix into a new chapter of expansion and potential. Despite limited resources, the company has effectively expanded its global footprint, establishing a presence in Nepal, Hong Kong, New Zealand, and the United States. Furthermore, it has had a significant impression in India, with its products available in over 650 outlets statewide.
Furthermore, given Madmix’s recent rebranding efforts and forward-thinking tactics, the company is well-positioned to reach new heights in the domain of healthy and innovative food products.
Madmix sells ready-to-eat snacks made from millets like jowar, including puffs in five different flavors. Their product line also includes ready-to-cook millet choices like as dosa, idli, chilla, bread mix, and flour mix. Madmix is dedicated to replace less nutritious food choices with nutritionally superior alternatives.
Gaurav Palrecha, Founder & Director of Madmix, mentioned, “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!”
According to Mr. Apurva Doshi, Sr Vice President, Equity Capital Markets, Prime Securities Limited, “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 revolutionizing 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 of Team India Managers Limited, stated, “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.”
