Healthy Food Startup Madmix (formerly Daily Staple) Raises the Pure-Funding Round

Mumbai-based startup Madmix, formerly known as Daily Staple and operated by Mel Sante Food Production Pvt. Ltd., has achieved a significant milestone with a substantial pre-seed funding round valuing the company at approximately INR 12 crore. This funding round is led by Prime Securities and includes prominent investors such as Authum Investments and Team India Managers.

The funds secured will be allocated towards bolstering marketing efforts, expanding the sales team, and driving future product development initiatives.

This strategic infusion of capital marks a pivotal moment for Madmix, marking a new phase of growth and opportunity after two years of self-funding. Despite resource constraints, the company has successfully expanded its global footprint, reaching markets in Nepal, Hong Kong, New Zealand, and the USA. Additionally, Madmix has made a significant impact in India, with its products available in over 650 stores across the nation.

Furthermore, with Madmix’s recent rebranding and forward-looking approach, the company is poised for greater achievements in the realm of healthy and innovative foods.

Madmix offers a range of ready-to-eat snacks crafted from millets like jowar, featuring puffs in five enticing flavors. They also provide a millet-based ready-to-cook product line, including dosa, idli, chilla, bread mix, and flour mix. Madmix is dedicated to replacing unhealthy eating habits with nourishing food options and continues to innovate and expand its product offerings.

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!

 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.”

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