Two leading Indian alt protein startups have completed successful seed funding rounds, as the plant-based movement gathers pace in the world’s second-largest country. Indian alt dairy producer Goodmylk has raised $1 million in an extension of its seed round, while plant protein innovator Proeon has raised $2.4 million in seed funding.
“India’s agricultural heritage and biodiversity offers tremendous potential to satisfy skyrocketing global demand for plant protein”
Seeing participation from major Indian and international angels and firms, Goodmylk’s $1 million fundraise comes after rapid growth and expansion into new cities such as Mumbai, Hyderabad, Delhi, and Chennai, as well as strengthening operations in Bengaluru. The fresh funds will be put towards a product portfolio expansion and increased distribution. The brand’s stated aim is to make plant-based dairy functional and accessible to all in India.
Backed by leading incubators and innovation centres in India, plant-based food ingredient start-up Proeon’s $2.4 million seed capital raise will facilitate enhanced growth for the Pune-based company, as well as establishing a research lab in the Netherlands. The company is a critical formulation specialist at the ingredient level, making it easier for food companies to make plant-based meat, dairy, and egg replacement products.
The Indian Plant-Based Revolution
It is well-known that a large section of the Indian population is vegetarian, so it should come as no surprise that veganism is a growing movement within the country. A survey in 2019 found that 63% of Indians were willing to replace meat with plant-based options, and since then many new Indian startups have entered the market. Indian food tech company Blue Tribe recently unveiled the latest products in its alt meat range, and India’s first oat milk producer Bevry also hit the shelves.
GFI India MD Varun Deshpande commented; “India’s agricultural heritage and biodiversity offers tremendous potential to satisfy skyrocketing global demand for plant protein, and Proeon’s work is emblematic of that potential. This investment is a show of confidence in the sector’s promise to strengthen agricultural value chains and benefit farmers, create jobs, and catalyse a more sustainable, secure, and just protein supply.”