Tuesday, February 8, 2022

Mango Point Raises 1.82 Crore In A Round Led By The Chennai Angels

The Chennai Angels (TCA), one of India’s foremost angel investment groups, today announced their investment in Mangopoint, a company that focuses on preserving and promoting high-quality mangoes and mango products from India. TCA has associated with Native Angel Network and Keiretsu Chennai for their first round of investment in Mangopoint. The total fundraise stands at Rs1.82 crore, with TCA leading the round. 

Mangopoint was founded in 2018 by Manjula Gandhi Rooban and Prasanna Venkatarathnam with the vision of taking India’s national fruit Mango on the world stage through fresh mangoes and value-added products.

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. Their state-of-the-art farm infrastructure coupled with an integration platform provides ethical products delivered to doorsteps with complete transparency and traceability. Mangopoint sells over 20 mango varieties and has thus far delivered more than 500,000 mangoes to over 20,000 happy customers.

"We, the promoters, of Mangopoint are delighted by the confidence reposed on us by The Chennai Angels, Native Angel Network, and Keiretsu Forum. The mentorship, support, network, and visibility that these networks and individual investors bring to us is as important as their investment. 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 utilized 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.

Balakrishnan Ranganathan, Lead Investor from The Chennai Angels (CMD, Excelencia iTech Consulting) said “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, at The Chennai Angels, believe in their vision and are thrilled to participle in this round of funding. 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.”

Rajan Srikanth, Co-President, Keiretsu Chennai (Chairman & MD of SmartKapital) added “We have not seen any organized 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.”

Madhu Vasudevan, Karur-based textile entrepreneur, agriculture enthusiast, and Lead Investor from Native Angel Network said "All of us are enthusiastic about our investment opportunity in the growth story of Mango Point (Shriven). Manjula and Prasanna, have exhibited great insight, planning ability, and execution track record in their journey so far. 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. I wish them all success!"

The Chennai Angels

The Chennai Angels (TCA, www.thechennaiangels.com) is one of India’s most active Angel Investing groups. Founded in the year 2007, it is comprised of successful entrepreneurs and business leaders with a track record of starting and scaling large enterprises. Over the years, TCA has invested in over 60 start-ups. TCA portfolio companies benefit from the collective expertise and rolodex of its members.

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