Plant-based protein company Evolved Foods has raised a seed round of Rs 7.30 crore, the company said in a press release on Thursday.
Prominent investors, including Zerodha-backed Rainmatter Health and Kamala Capital, led the funding round.
Other investors included Anvitha Prashanth (Anyaa Ventures) and Aprameya Radhakrishna (Founder of KOO App); a group of angel investors including Rachel Goenka and Karan Khetarpal (Goenka Ventures Family Office), B G Mahesh (Founder/ex-MD of OneIndia.com), Sushant Arora (Cofounder of CleanMax Solar), Swapnil Shah (ex-Brand head, Proctor & Gamble), and Vananam Ventures Trust.
Pradeep Rao, CEO of Evolved, stated, “This investment will support us in accelerating our growth plans and help us to capitalize on the strong order pipeline from the domestic and export markets.”
“The consumer demand for plant-based and protein-rich food options is growing exponentially, both in the domestic and international markets. Our mission is to make every meal powerfully delicious in a much healthier and sustainable way. We are elated with our investors’ conviction in the space and the company. This investment will support us in accelerating our growth plans and help us to capitalize on the strong order pipeline from the domestic and export markets. With our range of offerings, we intend to take India to the world,” Pradeep Rao added.
Evolved Foods, launched in 2022, has partnerships with hospitality brands in the food service sector and expanded its presence to six cities. Additionally, the company is in the process of introducing its products across the Middle East and Europe.
Roma Roy Choudhury, Founder & COO of Evolved, said, “We embarked on this journey with the ambitious task of creating a product that not only offers cleaner and leaner protein but also complements our spices and culinary culture. Our flagship product is the result of three years of R&D and countless consumer trials. With the infusion of funds, we will be able to build efficiencies across production and supply chain operations and accelerate towards our next milestones.”
‘Evolved’ has developed a delicious & unique solution to the problem of protein-deficiency prevalent in the average Indian diet. Evolved Plant Meat, the company’s signature product, is made with soy, coconut, and rice protein ingredients.
Dilip Kumar, for Rainmatter Health, shared his views on the investment, “Most Indians don’t get enough protein in their diets, and this is a problem. Common sources of protein, like meats, also have a high carbon footprint. The approach that Evolved Foods is taking to tackle this with their innovative, protein-rich plant-based foods while being mindful of the carbon footprint really resonated with us. And we’re excited to join them in this journey.”
