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Evolved Foods Bags Rs 7.30 Crore In Seed Round

Zerodha-backed Rainmatter Health and Kamala Capital led the funding round

Evolved Foods Bags Rs 7.30 Crore In Seed Round
Pradeep Rao, CEO and Roma Roy Choudhury, founder and COO of Evolved Foods
POSTED ON June 17, 2023 5:31 PM

Evolved Foods, a plant-based protein company, has successfully closed its seed round of Rs 7.30 crore, in a round led by investors like Zerodha-backed Rainmatter Health and Kamala Capital. It also saw participation from Anvitha Prashanth of Anyaa Ventures and Aprameya Radhakrishna, Founder of KOO App. 

A group of angel investors like Rachel Goenka and Karan Khetarpal or Goenka Ventures Family Office, B G Mahesh, founder and ex-MD of OneIndia.com, Sushant Arora, co-founder of CleanMax Solar, Swapnil Shah, ex-brand head of Proctor & Gamble, and Vananam Ventures Trust were also involved in the capital raising round.

Roma Roy Choudhury, founder and COO of Evolved, said the company embarked on its journey to create a product that offers cleaner and leaner protein and complements India's culinary culture. It uses ingredients such as soy, coconut, rice protein to make its signature plant meat offering.          

"Our flagship product results from three years of R&D and countless consumer trials. With the infusion of funds, we can build efficiencies across production and supply chain operations and accelerate towards our next milestones," Choudhury stated.

Dilip Kumar of Rainmatter Health noted that most Indians don't get enough protein in their diets. Moreover, familiar protein sources like meats also have a high carbon footprint. 

"The approach Evolved Foods is taking to tackle this with their innovative, protein-rich plant-based foods while being mindful of the carbon footprint resonated with us. And we're excited to join them in this journey," he claimed.

According to Pradeep Rao, CEO of Evolved, the consumer demand for plant-based and protein-rich food options is growing exponentially in domestic and international markets. The fresh investment will support the company in accelerating its growth plans and help it to capitalize on the strong order pipeline from the domestic and export markets. 

A recent industry report jointly published by Deloitte and The Good Food Institute India found that the combined domestic and global market size for Indian plant-protein companies is expected to reach Rs 12,708 crore by 2030.

An alternative to traditional animal-based protein sources such as red meat, chicken or paneer in conventional recipes, Evolved's offering comes with 15 per cent protein. It contains less than 5 per cent fat. This makes it a healthier choice for the health-conscious consumer.

Moreover, it has the versatility to deliver an authentic taste experience even for traditional recipes, which has helped Evolved to collaborate with many hospitality brands in India. Since its launch in Q1 2022, the company has expanded its presence to six cities and established partnerships with prominent hospitality brands in the food service sector.

Currently, over 50 dish creations, curated by leading 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.

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