Mangopoint, which has been focussing on promoting high-quality mangoes and mango products from India, has mobilised a total fund of ₹1.82 crore from investors led by The Chennai Angels (TCA), an angel investment group.
TCA, along with Native Angel Network and Keiretsu Chennai, has invested in this round of fundraise by Mangopoint, which was founded in 2018 by Manjula Gandhi Rooban and Prasanna Venkatarathnam.
MangoPoint provides a sustainable, integrated value chain for mangoes with single-origin, carbide-free, chemical-free high-quality fresh mangoes, and processed mango products through sustainable farming, planet-friendly processing, and eco-friendly packaging, according to a statement.
“As the world turns towards a healthier lifestyle - safe and natural products, our range of hand-picked naturally ripened mangoes and value-added products has struck a true chord with our customers. The funds raised will be utilised for adopting latest technologies for pre and post-harvest management through early detection, action and in picking the best fresh mangoes and products made thereof for our customers; and for expanding our presence in India and key global markets” said Manjula Gandhi Rooban, Co-Founder Mangopoint.
Catering to the passion of mango
Mangopoint sells over 20 mango varieties and has thus far delivered over 500,000 mangoes to over 20,000 happy customers.
“Started by GenX IT professionals from a traditional mango trader family, Mangopoint, promotes and markets Indian mangoes and consumables across the world. Their mission is to market naturally ripened mangoes without the calcium carbide chemical that is used for ripening. We’re extremely happy to take Mangopoint on as a TCA portfolio company and are eager to see them scale higher in the years ahead,” said Balakrishnan Ranganathan, Lead Investor from The Chennai Angels (CMD, Excelencia iTech Consulting).
Rajan Srikanth, Co-President, Keiretsu Chennai (Chairman & MD of SmartKapital) said that he had not seen any organised business that is catering to the passion of mango.
“Not just as an investor, but also as a customer who orders regularly from Mangopoint, I have firsthand knowledge of the quality of products and services offered by Mangopoint. In Manjula and Prasanna, we find entrepreneurs who understand what the customer wants - a key factor to the success of any retail business. What attracted me most to Mangopoint is how they leverage tech to build excellence into every aspect of their business, from sourcing to customer delight, said Srikanth.
“The participation by three diverse investment networks in the company is indeed the validation of the sector and the business model and also an endorsement of the confidence in the promoter team,” said Madhu Vasudevan, Karur-based textile entrepreneur, agriculture enthusiast, and lead investor from Native Angel Network.
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.