MangoPoint Secures Funding to Boost Agritech Exports
Chennai-based agritech exporter MangoPoint has successfully raised $1 million in a pre-Series A funding round that was led by Inflection Point Ventures (IPV). This round also saw contributions from The Chennai Angels, Native Angel Network, Keiretsu Forum India, Fondation Botnar, IIM-CAN, Metis Family Office, and JITO Incubation and Innovation Foundation.
The capital injection will enable MangoPoint to enhance its infrastructure, enter new markets, improve backend operations, and expand its range of products.
MangoPoint’s Journey and Mission
Founded in 2018 by Manjula Gandhi Rooban and Prasanna Venkatarathnam, MangoPoint positions itself as a premium exporter of chemical-free, single-origin Indian mangoes and processed mango products. Its primary markets include North America and Europe.
Annual Mango Exports and Future Goals
The startup currently manages over 2,000 metric tonnes of mangoes each year and has ambitious plans to scale this amount tenfold to 20,000 MT in the next few years. MangoPoint boasts packhouses recognised by APEDA and NPPO, as well as FDA approval for exporting to significant international markets.
Market Potential for Mango Products
According to market research, the global mango industry is valued at $60 billion, with India contributing a substantial $20 billion. The sector is experiencing growth at a rate between 4.9% and 8% CAGR.