Mandala Capital

Mandala focuses exclusively on long-term investment in the food industries of the Indian sub-continent. Mandala partners with companies which have potential to become clear leaders in their sector. Mandala offers capital and expertise to realise plans which strongly enhance the value of our partners’ companies.

Gopal Arjun

COO

Uday Garg

Founder and Managing Partner

Aditya Mody

Managing Director, Investments

8 past transactions

Nutrition Technologies

Series A in 2022
We are a biotechnology company determined to reintroduce insects into the global food supply chain. We harness their natural potential as sustainable commodity ingredients for animal and plant nutrition. Nutrition Technologies is committed to revolutionising the agriculture sector by integrating insect products on a mass scale - as nature always intended! We focus on producing significantly more protein per square meter than traditional methods and is zero waste with an intensive vertical farming system. Founded by Nick Piggott and Tom Berry, our team has been rapidly growing since 2015. The Nutrition Technologies team now comprises over 150 people of 11 different nationalities, all united behind making the world a better place by improving the way the world feeds itself. Our Insect Products: Hi.Protein® - an ideal animal-based protein substitute for fishmeal or soybean meal in the diets of Fish, Shrimp, Poultry, Swine, Pets and Reptiles. Hi.Protein® offers a range of positive impacts for monogastric animals' health and performance. Providing essential macro and micronutrients in the diet improves gut microbial communities by increasing the abundance of key bacteria involved in monogastric health. Hi.Frass® - the manure of Black Soldier Fly larvae. It is rich in chitin, which naturally boosts plants' defence mechanisms. It is also loaded with beneficial microorganisms which enhance soil fertility, structure and boosts microbial activities. Resulting in better plant health and nutrient-rich crops. Hi.Oil® - a unique source of energy, tailored for monogastric species such as poultry and swine. Mechanically extracted from Black Soldier Fly larvae fed on a 100% vegetable diet, it contains a high content of essential medium-chain fatty acids (MCFAs) that enhance animals’ health. Hi.Dried™ - a healthy snack made for pets, poultry, wild birds, or reptiles. Combining the Black Soldier Fly larvae meal and oil benefits, it’s the perfect solution for a direct feed application. Hi.Dried™ is a sustainable source of nutrients and minerals that will naturally enhance animal health. Meet our Founders: Nick Piggott - Co-CEO Nick has over 15 years of business experience directing companies and projects. Previously, Nick worked for the UN and Oxfam, managing multi-million dollar sustainable development programmes. Tom Berry - Co-CEO Tom has over 12 years of experience in leadership and management roles in the UK military, UN, and financial sectors, focusing specifically on operations and risk management.

Gati Kausar

Acquisition in 2021
Gati Kausar operates as a cold chain transportation across user verticals such as healthcare, meat & poultry, bio-pharma, frozen & fresh produce, dairy products, organised retail and quick service restaurants.

EFRAC

Acquisition in 2016
EFRAC operates as an integrated testing and research lab for food & agri, pharma and environment sectors.
Jain Irrigation Systems Ltd is a diversified entity with turnover in excess of 1 Billion USD. They have a Globalpresence with 30 manufacturing bases spread over 4 continents. Their products are supplied to 116 countries with able assistance from 6700 dealers and distributors worldwide. They have reached over 4.5 million farmers. They are the second largest Micro-Irrigation company in the world. The Micro-Irrigation Division manufactures a full range of precision-irrigation products. Provides services from soil survey, engineering design to agronomic support. Nurtures a sprawling 2000 acre Hi-Tech Agri Institute; a Farm Resource R&D, Demo, Training & Extension Centre they also undertake turnkey projects for agricultural and irrigation development with holistic & integrated approach. Over 1500 agri and irrigation scientists, engineers and technicians are engaged in offering services for complete or partial project planning and implementation e.g Watershed Development through Wasteland Transformation, including crop agronomy, protected cultivation etc. Jain Irrigation is also the largest manufacturer of Plastic pipe in India covering a wide range of pipes and fittings. They annually process over 300,000 MT of various polymers. They extrude pipe/sheet and inject the molds of PVC, PE, PP & CPVC along with other engineering polymers like Polycarbonate, Polyamide, PBT, ABS etc. They are a Total Solution Provider for various plastic Piping systems that are used in conveyance of fluids, semisolids, gases and cables. The Tissue Culture Division produces 80 million plantlets of Banana at full capacity and has established matching primary and secondary hardening facilities as well as independent R&D and virology labs. Similarly a modern Bio- tech lab equipped with all modern and state of art facilities meet the needs of continuous genetic improvement and validation program in cultivators of onion, banana, mango , pomegranate etc. They also process tropical fruits like mango, banana, pomegranates into purees, concentrates, juices and IQF products. The Dehydration Facility dehydrates Onions & Vegetables. The Spray Drying Unit processes gooseberry and other fruit purees into powders. Agricultural and Fruit Processing waste is converted into biogas to generate power of 1.6MWcapacity along waste heat for refrigeration and soil conditioner. They care for sustainable farming, a system they profess and practice under the aegis of JAINGAP. In first year of operation, Their non banking finance corporation SAFL has disbursed more than 30 million USD for small holder to adopt agriculture inputs including micro irrigation. Jain Irrigation is the only company in India which is not only a Pioneer manufacturer of hi-tech agricultural inputs but aIso a Total Agri-Service provider, Training and Extension Institute, large farm cultivator and an Agricultural Consultancy organization. It is through such multi-dimensional activity profile that Jain Irrigation nurtures the complete agri value chain and has become a One-Stop Hi-tech Agri Shop. Their other businesses include, PVC sheets, Solar Water Heaters, Solar Water Pumps, PV Panels, and Solar Lighting appliances, where the emphasis is on the conservation of scarce natural resources like forest and energy. PVC sheets can replace wood as a substitute for building material and save their forests. Similarly Solar Water Heaters and Photovoltaic Lighting systems uses the abundant Solar Energy available for free and saves the natural sources of energy like coal which is used to produce electricity etc. Their unflinching efforts in pursuit of excellence appropriately blended with ongoing Research and Development efforts have earned the company the highest R&D awards of the country and numerous other awards and recognition for their performance in Exports, Fair Business Practices, Quality, Excellence etc. A lifetime commitment to introduce modern yet affordable and viable technologies in all their product offerings have compelled us to be creative and innovative. The reward has been over millions of satisfied farmers and scores of happy customers globally.
Jain Irrigation Systems Ltd is a diversified entity with turnover in excess of 1 Billion USD. They have a Globalpresence with 30 manufacturing bases spread over 4 continents. Their products are supplied to 116 countries with able assistance from 6700 dealers and distributors worldwide. They have reached over 4.5 million farmers. They are the second largest Micro-Irrigation company in the world. The Micro-Irrigation Division manufactures a full range of precision-irrigation products. Provides services from soil survey, engineering design to agronomic support. Nurtures a sprawling 2000 acre Hi-Tech Agri Institute; a Farm Resource R&D, Demo, Training & Extension Centre they also undertake turnkey projects for agricultural and irrigation development with holistic & integrated approach. Over 1500 agri and irrigation scientists, engineers and technicians are engaged in offering services for complete or partial project planning and implementation e.g Watershed Development through Wasteland Transformation, including crop agronomy, protected cultivation etc. Jain Irrigation is also the largest manufacturer of Plastic pipe in India covering a wide range of pipes and fittings. They annually process over 300,000 MT of various polymers. They extrude pipe/sheet and inject the molds of PVC, PE, PP & CPVC along with other engineering polymers like Polycarbonate, Polyamide, PBT, ABS etc. They are a Total Solution Provider for various plastic Piping systems that are used in conveyance of fluids, semisolids, gases and cables. The Tissue Culture Division produces 80 million plantlets of Banana at full capacity and has established matching primary and secondary hardening facilities as well as independent R&D and virology labs. Similarly a modern Bio- tech lab equipped with all modern and state of art facilities meet the needs of continuous genetic improvement and validation program in cultivators of onion, banana, mango , pomegranate etc. They also process tropical fruits like mango, banana, pomegranates into purees, concentrates, juices and IQF products. The Dehydration Facility dehydrates Onions & Vegetables. The Spray Drying Unit processes gooseberry and other fruit purees into powders. Agricultural and Fruit Processing waste is converted into biogas to generate power of 1.6MWcapacity along waste heat for refrigeration and soil conditioner. They care for sustainable farming, a system they profess and practice under the aegis of JAINGAP. In first year of operation, Their non banking finance corporation SAFL has disbursed more than 30 million USD for small holder to adopt agriculture inputs including micro irrigation. Jain Irrigation is the only company in India which is not only a Pioneer manufacturer of hi-tech agricultural inputs but aIso a Total Agri-Service provider, Training and Extension Institute, large farm cultivator and an Agricultural Consultancy organization. It is through such multi-dimensional activity profile that Jain Irrigation nurtures the complete agri value chain and has become a One-Stop Hi-tech Agri Shop. Their other businesses include, PVC sheets, Solar Water Heaters, Solar Water Pumps, PV Panels, and Solar Lighting appliances, where the emphasis is on the conservation of scarce natural resources like forest and energy. PVC sheets can replace wood as a substitute for building material and save their forests. Similarly Solar Water Heaters and Photovoltaic Lighting systems uses the abundant Solar Energy available for free and saves the natural sources of energy like coal which is used to produce electricity etc. Their unflinching efforts in pursuit of excellence appropriately blended with ongoing Research and Development efforts have earned the company the highest R&D awards of the country and numerous other awards and recognition for their performance in Exports, Fair Business Practices, Quality, Excellence etc. A lifetime commitment to introduce modern yet affordable and viable technologies in all their product offerings have compelled us to be creative and innovative. The reward has been over millions of satisfied farmers and scores of happy customers globally.

Godavari Biorefineries

Venture Round in 2015
Godavari Biorefineries is a biorefining company producing sugar, other foods, biofuels, chemicals, power, compost, waxes, and related products, using sugarcane as the primary feedstock. Their aim is to engage in research and innovate by continuously making new products and entering new markets in order to derive the maximum value from our feedstock. Their research areas include sustainable farming, transformation of biomass (chemical, mechanical and biological), product development, and process optimization. Founded in 1939, they have been pioneers in the growing, processing, and utilization of biomass to make a wide variety of products.
Sustainable Agro-commercial Finance Ltd. (SAFL) provides loans to small-scale farmers to help them install micro-irrigation systems and improve productivity.

Arcadia Biosciences

Series D in 2014
Arcadia Biosciences is an agricultural technology company focused on developing products that benefit the environment and human health. The company uses advanced screening, breeding and biotechnology techniques (both GM and non-GM) to create value for consumers, processors and farmers.
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