Indian Plant-Based Egg Company EVO Foods Gets Angel Investment

16th May 2020

EVO Foods is creating a unique plant-based liquid egg in India. Founded by Kartik Dixit & Shraddha Bhansali in early 2019, EVO Foods is on a mission to bring the plant-based revolution to the country. The duo has recently secured their first angel investment from Ryan Bethencourt, the co-founder and CEO of Shark Tank fame and Mark Cuban backed revolutionary pet food company Wild Earth Inc. Bethencourt who is also an advisor to EVO Foods was the former program director at biotech accelerator and early-stage seed fund IndieBio. He is currently a partner at Babel Ventures in San Francisco.

“We both believe that egg is a grey area in the Indian market. Considered as veg and non-veg both my different communities and cultures. Doctors recommend it as a protein source, but cholesterol is an issue for most of the people. We want people to have it just like an egg without cholesterol, salmonella risk and cruelty,” Dixit and Bhansali reported to Vegan First.

Headquartered in the city of Mumbai, EVO uses deep food science to create a “clean” protein alternative to India’s traditional egg market. EVO’s liquid egg uses advanced plant biochemistry and food science to extract proteins from legumes and other plant sources to create a sustainable yet delicious “evolved” egg replica without cholesterol, antibiotics or animal cruelty. The product which has already gained international and local traction is slated to launch in July 2020.

EVO Foods counts many industry veterans and thought leaders in the alternative protein industry as their investors, advisors, and mentors. EVO has also been backed by alternative protein venture capital fund Big Idea Ventures and will be a part of their New York City accelerator cohort. BIV is founded by visionary Andrew Ive and has invested in multiple other leading food tech companies in Asia like Shiok Meats, Karana and Zhenmeat.

Stephanie Downs, serial entrepreneur and co-founder at Material Innovation Initiative is also a strategic advisor to EVO Foods.

Kartik Dixit, CO-Founder of Evo Foods (image credit: Kartik Dixit)
 

ABOUT SHRADDHA BHANSALI

Shraddha is the COO and co-founder at EVO Foods. A passionate foodie and vegan, she also owns and operates a vegetarian restaurant and bar in Mumbai called Candy & Green. In 2020 she will be launching her new vegetarian rooftop lounge called Candy Club. Her entrepreneurial spirit has been recognized by the likes of Forbes who have included her in their 30 under 30 list for 2018. An avid sustainability activist, she has given a TEDx talk and serves as the Sustainability and CSR head for the National Restaurant Association of India. Through EVO Foods, Shraddha aims to provide sustainable and cruelty free-food options to the end consumer.

Shraddha Bhansali, CO-Founder of Evo Foods (image credit: Kartik Dixit)

A report by The Good Food Institute states that least $824 million was invested in alternative protein companies in 2019. Q1 2020 saw $930 million in additional investments, even as Covid-19 wrought havoc on global markets.

India is the fifth largest producer of eggs and its per capita consumption of eggs has gone up from 30 eggs per annum to 68 eggs per annum. EVO Foods is not the only Indian company to venture into egg alternatives. Last year, IIT Delhi students and researchers helped develop a liquid egg substitute for scrambled eggs. Called Plantmade, it is also set to launch in the coming months. 

In India, Goodmylk, Good Dot and now EVO Foods are just some of the plant-based foodtech startups which have raised capital. India's agricultural diversity makes production and innovation of plant-based alternatives very easy.

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