Indian alt meat brand has raised Rs 7.30 crore (approx. $891,000 USD) in a seed funding round led by Evolved Foods. Rain Matter Health and Kamala Capital. Other participants included Anvita Prashant, Aprameya Radhakrishna and various angel investors.
According to Evolved Foods, 80% of Indians do not meet the recommended daily allowance for protein intake, while others rely on animal foods such as meat and cheese. The company says its signature plant meat — made from soy, rice and coconut — can provide a solution that improves health without stressing the planet. The product is also designed for Indian tastes.
Meals made with Evolved Plant Meat are already available at various food service outlets in Bangalore, Mumbai, Delhi and elsewhere. These include restaurants, QSRs, delivery services and hotels
Founder and COO Roma Roy Chowdhury said, “Our flagship product is the result of three years of research and development and countless customer tests. “With the infusion of funds, we will be able to build efficiencies in manufacturing and supply chain operations and accelerate towards our next milestones.”
Demand is “growing rapidly”
A recent report by the Plant Based Food Industry Association of India has shown a significant increase in the consumption of plant-based foods in the country. Consumers say they are choosing these foods because of concerns about animal welfare, the environment and health.
At the plant-based food conference last month, a concept was outlined that would make India a “plant protein cluster” by building centers for processing different crops and grains. However, lack of infrastructure and supply chain can pose challenges.
“Consumer demand for plant-based and protein-rich food options is growing rapidly in both the domestic and international markets,” said CEO of Evolved Foods. Pradeep Rao “Our mission is to make every meal powerfully delicious, in a very healthy and sustainable way. We are excited about our investors’ conviction in the space and the company. This investment will help us accelerate our growth plans and capitalize on our strong order pipeline from domestic and export markets. With our range of offerings, we want to take India to the world.”