MangoPoint Secures Rs 3.5 Cr in Funding Round Led by the Chennai Angels
Dec 19, 2023
BusinessWire India
Chennai (Tamil Nadu) [India], December 19: MangoPoint, the first APEDA- and NPPO-recognized packhouse in Tamil Nadu, has successfully raised Rs 3.5 Crores in a funding round led by The Chennai Angels, with participation from the Nativelead Angel Network and Keiretsu Forum.
Founded in 2018 by the visionary husband-and-wife duo Manjula Gandhi Rooban and Prasanna Venkatarathnam, MangoPoint specializes in exporting single-origin, carbide-free, chemical-free high-quality fresh mangoes and processed mango products to Europe and North America. The newly acquired funds will be utilized to expand farmgate infrastructures, enhance scalability, accelerate growth, and delight customers globally with India's finest mangoes and mango products.
MangoPoint is dedicated to providing a sustainable integrated value chain for mangoes, incorporating eco-friendly farming, planet-friendly processing, and sustainable packaging. The investment from The Chennai Angels, Nativelead Angel Network, and Keiretsu Forum will play a pivotal role in building on the company's success and furthering its mission to take India's national fruit, Mango, onto the global stage.
Commenting on the recent fundraise, Manjula Gandhi Rooban, Co-Founder of MangoPoint, said, "We are excited with our journey and partnership with The Chennai Angels, Native Angel Network, and Keiretsu Forum. This investment will empower us to further accelerate our scale and increase our capacity. With us being the first APEDA and NPPO-recognized packhouse in Tamil Nadu, we adhere to strict quality processes, allowing us to offer the same quality fresh mangoes and mango products to our customers in India and globally. We have already added two more farm gate infrastructures focusing on Mango and are poised to expand further to offer carbide-free naturally ripened mangoes. This will directly benefit farmers by assisting in improving their mango growing practices and enhancing their income."
Balakrishnan Ranganathan (CMD, Excelencia iTech Consulting), the Lead Investor from The Chennai Angels, emphasized the significance of MangoPoint's mission, stating, "Opportunities in Indian agriculture are evolving rapidly. Specifically, with mango being our national fruit and India producing half of the world's mangoes, a focused approach is needed from our startup ecosystem. Customers across the globe are now demanding trusted and quality fresh mangoes and mango products. MangoPoint has seized this opportunity well and has built a model with a mission to propagate the natural ripening of mangoes and making quality mango products. We at The Chennai Angels are excited about their journey to scale and committed to their mission of taking our mangoes to the global stage."
MangoPoint's commitment to quality and sustainability aligns with the changing dynamics in the agriculture sector, and the recent funding round is a testament to the confidence investors place in the company's vision and execution.
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