Foodtech startup — which produces ‘clean’ liquid egg replacers — has raised $850,000 (or Rs 6 crore) in its pre-seed round to be deployed for its India market launch as well as to scale its R&D and marketing team and expand in the plant-based egg category ahead of its planned overseas launch next year.
Evo Foods Co-founders Kartik Dixit and Shraddha Bhansali with the plant-based egg startup’s liquid egg replacer
“Our goal is to get Evo into every continent within the next five years. In a couple of years, we want to see Evo from a local kirana shop in Pauni, a small town in India where I am originally from, to a Michelin starred restaurant in New York City. We are thrilled to have the support of such a stellar group of believers and investors in our vision,” says Kartik Dixit, Founder and CEO of Evo.
Through the plant-based egg startup’s pre-seed round — touted to be one of the largest-ever to be raised by an early-stage Indian startup — Evo Foods has onboarded prominent names in the Indian and global startup ecosystems as new investors.
They include Shaun Neff, branding genius, investor, and co-founder of Beach House, vegan investor Ryan Bethencourt’s micro-VC fund Sustainable Food Ventures, Anil Advani of Inventus Law, Vaibhav Domkundwar of Better Capital, vegan investor Michiel Van Deursen of Capital V, as well as Sweden-based Kale United, Los Angeles-based Seven Hound Ventures, Hearthstone Investments, and members of the US-based Glasswall syndicate.
“The alternative sector is booming everywhere in the whole world. With a passionate team, amazing advisors, and a superb product, Evo is on a path to become a leading alternative protein brand, not only in India but also in the world,” says Shaun Neff, as he joins Evo’s advisory board, which includes Dr. Joseph Puglisi, who previously served as Advisor to Beyond Meat, Ryan Bethencourt of Wild Earth and SFV, and Stephanie Downs of Material Innovation Initiative.
“I had put a personal cheque before in Evo, and we are now glad to fuel this passionate team again through Sustainable Food Ventures as they launch and create the largest clean protein company of India and consequently, the world,” adds Ryan.
Apart from Ryan, the other previous investors of Evo Foods — which was part of Big Idea Ventures New York City accelerator — include New York-based VegInvest and cell-based clean meat company Shiok Meats Founder Dr. Sandhya Sriram.
Founded in 2019 by Kartik Dixit and Shraddha Bhansali, Evo Foods is on a mission to disrupt the $200 billion egg industry with its plant-based liquid egg and bring the alternative protein revolution to India. To be clear, the plant-based egg category is estimated to become the fastest-growing category in the alternative protein sector with a market value of $1.3 billion by 2023.
“As a vegetarian and a proponent of sustainable and clean eating, I saw this huge market gap and demand in the plant-based protein sector. Today, the plant-based revolution is just beginning in India and we want to be at the forefront of this movement by offering the most delicious alternative protein foods ever,” says Shraddha Bhansali, COO and Co-founder of Evo Foods.
Evo intends to launch its plant-based liquid egg replacer via Foodservice and has already partnered with multiple restaurants across India to launch it as a part of their menu in the second quarter. The startup is also in discussions with multiple big QSR chains for a launch by the end of this year and plans to launch in the overseas markets by 2022.
Evo’s plant-based liquid egg is made using the startup’s proprietary patent-pending technology coupled with Indian indigenous ingredients such as moong beans and peas. It is high in clean plant-based protein and is both cholesterol- and antibiotic-free. It also contains a superior amino acid profile along with micronutrients such as Vitamin D, A, and B12.
