Udaipur-based GoodDot Receives VC Investment From India's Leading Consumer Venture Fund

In recent times people are making a positive shift to sustainability which reflects directly in their food choices. Veganism is a sought after way of life today which has opened up the market for those offering plant-based substitutes for meat. GoodDot was among the first companies around the world to break all the critical barriers like taste, price, and shelf-stability when offering plant-based meat products.

The company is now set to grow exponentially with investment and support from Sixth Sense Venture, India's leading consumer venture fund. 

First Of Its Kind, This Investment Heralds Unbounded Growth

Reports suggest that this shall mark the very first VC investment in India’s plant-based meat space. The investment comes as heartening news as it shall help Udaipur-based GoodDot to cement its standing in India’s plant-based meat space. Furthermore, it shall support its international growth by facilitating a greater focus on R&D and marketing efforts along with channel broadening. At the moment, the company's sales happen via direct-to-consumer channels, eCommerce platforms and through their 7500+ offline stores. 

GoodDot products are available in Canada, Dubai, Nepal, South Africa, and Singapore and they shall will be available in the US and Europe in the coming months. The company will also be expanding with the rollout of its retail QSR outlets which will fall under two formats - GoodDo' and 'GoodKhana'. These are currently in Mumbai, Delhi, Udaipur, and Kathmandu. 

Nikhil Vora, the founder and chief executive officer of Sixth Sense Ventures, shares, "We believe that going forward, consumption preferences will evolve increasingly fast towards meat alternatives on the back of health, ecological, or compassion-related reasons. In the US, plant-based meat has grown over US $ 1 billion in sales, growing 40% y-o-y, while the animal-based meat industry is degrowing. Validation by HORECA is critical for a new food category. With endorsement by leaders such as Dominos and other institutional customers, GoodDot has emerged to be the leader in plant-based meat in India. This fits well into Sixth Sense's thesis of investing in the Consumer of Tomorrow, with evolved consumption habits. The company is catering directly to this change in behavior through alternative meat products. Super elated to be part of a business which is trying to make the world a compassionate place." 

Satish Ganega, vice president - Investment Banking, advising GoodDot on the transaction, adds,  "Excited to see the ace investor place confidence in a breakthrough product and a passionate team. It would be interesting to see this collaboration take on the global industry titans in the coming years."

Plant-based Meat Substitutes' Gradual Disruption Of The Organized Meat Industry 

Experts estimate that globally, meat substitutes are a US $ 20 billion market. However, this has barely scratched the surface in order to disrupt the US$ 1.4 trillion meat industry. The pandemic has certainly fast tracked the rate of this disruption as people now seek meat-alternative products around the world. Indian consumers have shown a swiftly rising demand for plant-based meat substitutes, signalling an exponential growth in the times to come. 

Due to the availability of skilled manpower and an abundance of agri and agri-processing resources in India, the country may also work as an essential global supplier to meet the growing demand for plant-based meat substitutes