Healthy Food Startup Madmix Raises Rs 1.76 Crore in Pre-Seed Funding
- ByStartupStory | September 8, 2023
Healthy food startup Madmix, formerly known as Daily Staple, has successfully secured Rs 1.76 crore in a pre-seed funding round. The funding was led by Prime Securities, Authum Investments, and Team India Managers. Madmix stated that the investment values the company at approximately Rs 12 crore.
The newly acquired funds will be directed towards various initiatives, including marketing efforts, expanding the sales team, and further developing their product offerings, according to a press release from Madmix.
Founded by Gaurav Palrecha, Madmix specializes in a range of ready-to-eat snacks crafted from millets such as jowar, including puffs available in five distinct flavors. The company also offers a millet-based ready-to-cook product line, featuring dosa, idli, chilla, bread mix, and flour mix.
Madmix has a global presence in countries like Nepal, Hong Kong, New Zealand, and the United States, in addition to its operations in India. The company’s products are available in more than 650 stores across India.
In the competitive millet-based food sector, Madmix faces competition from various players, including Slurrp Farm, Millet Express, Milltet AMMA, and Eat Millet, among others. Earlier this year, cloud kitchen company Curefoods made a strategic investment in Millet Express, another healthy millet-based food brand.
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