Healthy food startup Madmix (previously Daily Staple) has raised Rs 1.76 crore in its pre-seed funding round led by Prime Securities and Authum Investments and Team India Managers.
According to the startup, it has raised this round at a valuation of approx Rs 12 crore.
The funds will be used towards marketing efforts, sales team expansion and future product development, Madmix said in a press release.
Founded by Gaurav Palrecha, Madmix has a range of ready-to-eat snacks made from millets like jowar including puffs in five different flavours. It also has a millet based ready-to-cook range which includes dosa, idli, chilla, bread mix, and flour mix.
The brand has a presence in Nepal, Hong Kong, New Zealand, the US and India. Additionally, it has made its products available in over 650 stores in India.
Madmix competes with the likes of Slurrp Farm, Millet Express, Milltet AMMA and Eat Millet among others in the millet-based food space. In July this year, cloud kitchen company Curefoods announced its strategic investment in Millet Express, a healthy millet-based food brand.
