Healthy food startup Madmix raised Rs 1.76 Cr Pre-seed funding from Prime Securities, others
Madmix (formerly Daily Staple), a startup offering healthy food, has raised Rs 1.76 crore in a pre-seed round of funding that was coordinated by Prime Securities, Authum Investments, and Team India Managers.
The startup claims that it raised this round at a valuation of roughly Rs 12 crore.
According to a press release from Madmix, the funds will be used for marketing initiatives, the growth of the sales team, and future product development.
Madmix, which was established by Gaurav Palrecha, offers a variety of ready-to-eat snacks made from millets like jowar, including puffs in five flavor variations. Additionally, it offers a line of ready-to-cook millet-based foods, including dosa, idli, chilla, bread mix, and flour mix.
Nepal, Hong Kong, New Zealand, the US, and India are all markets where the brand is present. Additionally, it has distributed its goods to more than 650 stores in India.
In the millet-based food industry, Madmix contends with companies like Slurrp Farm, Millet Express, Milltet AMMA, and Eat Millet, among others. The healthy millet-based food brand Millet Express received a strategic investment from cloud kitchen company Curefoods in July of this year.
