Bengaluru Couple's Success Journey from Bistro to Plant Meat, Secures Rs 7.30 Crore Funding
17-June-2023
Roma Roy Choudhury and Pradeep Rao, a Bengaluru-based couple and founders of Evolved Foods, have successfully raised a seed round of Rs 7.30 crore. Marquee investors like Rainmatter Health, backed by Zerodha, and Kamala Capital led this funding round.
The round also saw participation from Anvitha Prashanth from Anyaa Ventures, Aprameya Radhakrishna, Founder of the KOO App, and a bunch of angel investors like Rachel Goenka and Karan Khetarpal from Goenka Ventures Family Office, B G Mahesh, the founder and ex-MD of OneIndia.com, Sushant Arora, Co-founder of CleanMax Solar, Swapnil Shah, ex-Brand head at Proctor & Gamble, and Vananam Ventures Trust.
Roma and Pradeep started their journey in the food industry with a bistro called 'House of Seitan' and went on to launch 'Evolved Foods’ in early 2022.
The brand 'Evolved' has come up with a unique and tasty solution to the common problem of protein deficiency in the average Indian diet. They use ingredients like soy, coconut, and rice protein to create their special product - Evolved Plant Meat.
Roma and Pradeep have different backgrounds. Roma, who is the founder and COO of Evolved Foods, studied Business Analytics at Singapore Management University and has experience in analytics and technology.
Pradeep is the co-founder and CEO of Evolved Foods. He has worked in real estate for over 20 years before starting this new venture. Pradeep got his MBA from Ashridge Hult University, specialising in entrepreneurship.
When they were in Singapore, they both enjoyed a dish made of 100% plant protein called the Mock Mysore Mutton. When they came back to India in 2016, they noticed that there wasn't a lot of plant-based protein available, so they decided to start their own café, the House Of Seitan, in Bangalore.
After running the café for about a year and a half and understanding the Indian market better, they started Evolved Foods.
“We embarked on this journey with the ambitious task of creating a product that not only offers cleaner and leaner protein but also complements our spices and culinary culture,” said Roma.
“Our flagship product is the result of three years of R&D and countless consumer trials. With the infusion of funds, we will be able to build efficiencies across production and supply chain operations and accelerate towards our next milestones.”
Dilip Kumar, for Rainmatter Health shared his views on the investment, “Most Indians don't get enough protein in their diets, and this is a problem. Common sources of protein like meats also have a high carbon footprint.
“The approach that Evolved Foods is taking to tackle this with their innovative, protein-rich plant-based foods while being mindful of the carbon footprint really resonated with us. And we're excited to join them in this journey.”
Pradeep Rao, CEO of Evolved added that the consumer demand for plant-based and protein-rich food options is growing exponentially, both in the domestic and international markets.
“Our mission is to make every meal powerfully delicious, in a much healthier and sustainable way. We are elated with our investors’ conviction in the space and the company,” he said.
“This investment will support us in accelerating our growth plans, and help us to capitalize on the strong order pipeline from the domestic and export markets. With our range of offerings, we intend to take India to the world.”
According to a recent industry report jointly published by Deloitte & The Good Food Institute India, the combined domestic and global market-size for Indian plant-protein companies is expected to reach Rs. 12,708 Cr by 2030.
Roma, a former techie and now a plant-based food entrepreneur, is the energy behind Evolved Foods. She loves exciting activities like trekking on frozen Chadar lake in super cold temperatures and bungee jumping from the Macau Tower. Roma also enjoys scuba diving, practising yoga, and dancing.
Pradeep, on the other hand, is the guy with all the plans! His skill for future planning and strategy comes from his interest in playing poker.
When he's not busy with his CEO responsibilities, you can find him playing cricket or spending time with Sherlock, their pug. Pradeep also has a keen interest in photography and is a certified scuba diver too. - TWL Bureau
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