New Delhi NCR-headquartered plant-based protein brand GREENEST has raised an undisclosed amount in the pre-seed funding round led by Better Bite Ventures and former chief executive for fresh fruits and vegetables and frozen foods vertical at ITC, Sachid Madan.
Founded in 2017 by Gaurav Sharma, the brand offers plant-based mock meat products through business-to-business (B2B) partnerships. GREENEST’s restaurant partnerships currently cover around 200 stores.
Last year, the startup made waves when it launched the country’s first plant-based meat burger, The Green Meat Pounder, under collaboration with Burgrill across all locations of the Burger major.
It plans to use the raised capital for team and product portfolio expansion and increase its distribution footprint in the Indian market.
“Better Bite Ventures is backing some of the most phenomenal startups in this space and we are delighted that they have chosen GREENEST to be a part of their international portfolio. With Sachid’s deep understanding of the Indian consumer and his solid track record of building profitable businesses in the past, we are geared to unlock the Indian alt protein opportunity and expand the market with our unique strategy,” said Gaurav Sharma.
Speaking on the investment, Michal Klar, General Partner at Better Bite Ventures said, “At Better Bite we strongly believe in the long-term potential of the alternative protein sector in India. We are honoured to support Gaurav and his team at GREENEST, one of the pioneering plant-based meat startups in the country. They have been introducing consumers to their products by partnering with many progressive restaurants and chains. Building more sustainable ‘smart protein’ market in India has started and we cannot wait to see GREENEST’s contribution.”
According to Greenest, India’s plant-based protein market is expected to reach between $400 and $450 million within the next five years. The company also says the country is well positioned to help service the growing international plant protein market.
Source @Indianstartupnews
