Evo Foods Raises INR 6.2 Crore in Pre-Seed Funding Round

19 April 2021

Indian plant-based egg startup Evo Foods has announced the closing of its $845,000 (Rs. 6.2 Crore) pre-seed funding round. Shaun Neff, Sustainable Food ventures, Michiel Van Deursen (Capital V), Vaibhav Domkundwar (Better Capital), Anil Advani (Inventus Law), Seven hound ventures, and Hearthstone investments were some of the participants in the round. The Evo team has welcomed Neff on their advisory board, along with Dr. Joseph Puglisi, PhD, Ryan Bethencourt and Stephanie Downs.

Established in 2019 by Kartik Dixit and Shraddha Bhansali, Evo Foods was an endeavor to tackle the plant-based egg market in India. The startup is set to launch via restaurants in the second quarter of the year, and will be dedicating most of the capital to the Indian market and R&D. They are also looking at a wide-scale launch by the end of the year through QSR chains, along with international expansion in 2022.

Based in Mumbai, Evo held its first tasting session on February 27, 2021, which was a huge success. Their liquid plant-based egg is made using moong beans and peas with a patent-pending technology. The product offers a high protein content, micronutrients including Vitamin B12, as well as an egg-like texture.

Bhansali, co-founder and COO, Evo Foods, adds,

“Our goal is to get Evo into every continent within the next 5 years. We aim to create a non-judgemental food brand of the future which is people, planet and palate friendly for the better imperfect consumer. The plant based revolution is just beginning in India and we want to be on the forefront of this movement by offering the most delicious food ever! We are thankful for the outpouring of support and love for Evo.”

Co-Founders Shraddha Bhansali and Kartik Dixit

The founder of the plant-based pet food company Wild Earth, Ryan Bethencourt, also comments: “I had put a personal cheque before in Evo and we are 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!” 

The egg industry is valued at $200 billion globally. India produces 100 billion eggs per year. With the plant-based movement growing in the country, the plant-based egg market holds immense potential.