Food startup Evolved Foods has claimed to have closed seed funding round of INR 7.30 Crore. The round was led by marquee investors like Zerodha backed Rainmatter Health and Kamala Capital. The round also saw participation from Anvitha Prashanth (Anyaa Ventures), and Aprameya Radhakrishna (Founder of KOO App); and a group of angel investors - such as Rachel Goenka & 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.
‘Evolved’ has developed a delicious & unique answer to the problem of protein-deficiency prevalent in the average Indian diet. The company uses ingredients such as soy, coconut, rice protein to make their signature offering – Evolved Plant Meat.
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”.
Dilip Kumar, for Rainmatter Health shared his views on the investment. He said, “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”.
Pradeep Rao, CEO of Evolved stated “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”.
According to a recent industry report jointly published by Deloitte & The Good Food Institute India, the combined domestic and global market-size for Indian plant-protein companies is expected to reach Rs. 12,708 Cr by 2030.
What’s unique about Evolved Plant Meat?
A nutritious alternative for traditional animal-based protein sources such as red meat, chicken or Paneer in traditional recipes, Evolved’s offering comes packed with 15% protein and contains less than 5% fat. Thus, making it one of the leanest and healthiest choices available for the health-conscious consumer.
The product’s versatility springs from its ability to absorb flavours and deliver an authentic taste experience even for traditional recipes. This helped the company to collaborate with many highly revered hospitality brands of India. Currently over 50 dish creations, curated by some of the top chefs of the country, are available through the company’s food service partners across six cities in India. The company is also in the process of launching its products in the Middle East and Europe.
Evolved dishes are available to order from popular restaurants, QSRs, delivery kitchens and star hotels; such as Curefoods (Eatfit, HRX by Eatfit, Nomad Pizza, Olio Pizza), GOPIZZA, Shangri-La, Go Native, Royal Orchid, Toscano, Trippy Goat etc., across Bangalore, Mumbai, Delhi, and other locations.