MyMandi Bags Funding For Its B2B Marketplace Meant For Cart-Pusher Community

Gwalior-based B2B marketplace for the cart-pusher community MyMandi has bagged seed funding of INR 4 Cr from sector agnostic angel fund Real Time Angel Fund (RTAF). The firm has made this investment from its INR 100 Cr fund. 

LetsVenture also participated in the round.

To provide capital and business support to the startup founders, RTAF invests in pre-seed to pre-series stage startups. 

MyMandi is a B2B marketplace for the cart-pusher community. It wants to provide a one-stop shop, an online platform to cart pushers. Eventually, it wants to add other value-added services in a phased manner. The startup will utilise the fresh capital for building technology and distribution strength. Founded by Suryansh Rana and Maha Aaryaman Scindia, the startup wants to aggregate and support India’s last-mile delivery network.

“We are excited to invest in MyMandi and support the dynamic founders’ vision. In the last one year they have grown 40x. Looking forward to building strong businesses that deliver promises to customers, stakeholders and society,”  Manish Aggarwal, managing partner of Real Time Angel Fund, said.

Earlier in July, RTAF received its SEBI license followed by its first close on August 14. Over the next five years, it wants to invest its total 100 Cr fund in pre-seed to pre-series startups for whom tech is a key component, with an average ticket size of INR 1 Cr for each startup. 

In addition, RTAF is planning to launch its mobile app platform for angel investors on January 26, 2023, with an aim to make angel investments simplified and transparent.

“I believe it is the perfect time for angel investors to invest in seed stage startups having realistic valuation amid market situations and growth opportunities in India and global markets in scaling new business models,” Amit Singal, general partner, Real Time, stated.

Fund Launches To Fuel Startup Growth

As angel investment is gaining more momentum in the startup ecosystem, the year saw launches of other angel funds as well. For example, venture capital companies ah! Ventures launched an AIF angel fund in June 2022 with a corpus of INR 100 cr. 

There are other venture capital funds as well which have entered the startup ecosystem this year to focus mainly on early stage startups. Examples include Bertelsmann India Investments’ $500 Mn fund, All In Capital’s fund, Sanjay Nayar’s fund, Elev8 Venture Partners, Weave Capital, among others. 

Recently, Noida-based VC firm SphitiCap also announced the launch of its maiden venture fund for early-stage startups that has a corpus of $500 Mn.