Real Time Angel Fund (RTAF), a sector-agnostic angel fund, has marked its debut investment in MyMandi from its Rs 100 crore ($12 million) fund.
MyMandi, a Gwalior-based B2B marketplace for cart pushers (thela-walas), raised 4 crore from this seed round, led by Real Time Angel Fund and supported by Let’s Venture and other angels.
MyMandi aims to aggregate the existing cart-pusher community by providing a one-stop shop platform, and later will provide other value-added services (fintech, EV, and microlending) in a phased manner. By doing so, it supports India’s largest last-mile delivery network that brings the market to people’s doorstep targeting tier 2 & tier 3 cities.
The cart-pusher market (GMV) is approximately $10 billion in tier 2 & tier 3 India, and the total addressable market for MyMandi is close to $1 billion across 50 tier 2 cities.
According to Pranay Mathur, Partner and CEO of Real Time Angel Fund, the INR 100 crore fund will be invested over the next five years in pre-seed to pre-series startups having technology as key component with a ticket size of INR 1 crore per startup. The fund received its SEBI license in July this year and announced its first close on August 14.
RTAF will launch a mobile app platform for angel investors on January 26, 2023.