In a pre-Series A funding round led by Inflection Point Ventures (IPV), MangoPoint, an agritech exporter based in Chennai, has raised $1 million. The Chennai Angels, Native Angel Network, Keiretsu Forum India, Fondation Botnar, IIM-CAN, Metis Family Office, and JITO Incubation and Innovation Foundation also participated.
Scaling infrastructure, entering new markets, fortifying backend operations, and broadening product offerings are the goals of the additional funding.
MangoPoint, a premium exporter of chemical-free, single-origin Indian mangoes and processed mango products, was founded in 2018 by Manjula Gandhi Rooban and Prasanna Venkatarathnam. Its main markets are North America and Europe.
In the upcoming years, the startup intends to increase its annual mango handling capacity from over 2,000 metric tonnes to 20,000 MT. Its packhouses are recognized by NPPO and APEDA, and the FDA has approved its exports to important foreign markets.
According to market research, India contributes $20 billion to the $60 billion global mango industry, which is expanding at a 4.9%–8% CAGR.
