GREENEST raises pre-seed funds from Better Bite Ventures and food and agriculture veteran, Sachid Madan
Singapore/ New Delhi [India], Sept. 1 (ANI/NewsSee): GREENEST, India’s pioneering plant-based protein brand, announces pre-seed funding from Asia’s leading alt protein VC, Better Bite Ventures, and Indian food and agribusiness veteran , Sahid Madan. India is on the verge of exponential growth in the field of plant proteins and GREENEST aims to be at the forefront.
GREENEST, known for its Indianized and affordable range of plant-based protein products, is the first in the country to have entered into a series of B2B partnerships with leading restaurant players such as Burgrill, Wat a Burger, Chocolate Room, Biggies Burger, Freshmenu, Eatfit et al. GREENEST’s restaurant partnerships currently cover approximately 200 stores with plans for rapid expansion with Fresh Brew. Last year, the startup made waves when it launched the nation’s first plant-based meat burger, The Green Meat Pounder, in conjunction with Burgrill at all major Burger locations.
Better Bite Ventures is the first venture capital fund dedicated entirely to alternative protein investments in Asia-Pacific. The fund focuses on harnessing cellular and plant-based agriculture technologies to create climate-friendly alternatives to meat, dairy, eggs and seafood that are better for people, animals and the planet.
Michal Klar, General Partner of Better Bite Ventures, said, “At Better Bite, we strongly believe in the long-term potential of the alternative protein sector in India. We are honored to support Gaurav and his team at GREENEST, one of the pioneer factories. country-based meat startups. They introduced their products to consumers by partnering with many progressive restaurants and chains. The building of a more sustainable ‘smart protein’ market in India has begun and we look forward to seeing GREENEST’s contribution.
Sachid Madan brings cutting-edge expertise as the former general manager of ITC’s fresh F&V and frozen food business. He is known for starting and scaling companies such as Wheel powder for Hindustan Unilever, Act II Popcorn for Conagra India and ITC Masterchef. He continues to be actively involved in policy formulation after serving in prestigious positions such as Chairman of the National Agricultural Committee of FICCI.
Sachid Madan, said, “Unlocking the potential of plant proteins in India is going to be the biggest and most rewarding challenge in food and agriculture. Getting there takes hard, smart work and a long-term horizon. I have seen a common understanding of this opportunity, a focus on unit economy, and a patient, continuous learning approach. I am thrilled to be part of GREENEST’s journey to success. »
Gaurav Sharma, Founder and CEO of GREENEST, said, “We are delighted to have closed our pre-seed financing with a brilliant set of investors. Better Bite Ventures backs some of the most phenomenal startups in this space and we are delighted that they have chosen GREENEST to be part of their international portfolio. With Sachid’s deep understanding of the Indian consumer and strong track record of building profitable businesses in the past, we are ready to unlock the Indian alt protein opportunity and expand the market with our unique strategy.
With this round, we look forward to expanding our team, product line, and distribution footprint to maintain our position as the most superior and cost-effective herbal alternative product in the Indian market. This funding brings us one step closer to building a fairer food system where we have smarter, more sustainable ways to meet human needs rather than having animals on our plates. »
Rajeev Chitrabhanu, ex-Head and Founder of JM Morgan Stanley India’s Magnetic, who is one of India’s most respected investment bankers, advisors and investors, was the first to identify GREENEST’s potential and support the brand known for launching India’s first hyper-realistic factory. based Shami kebabs in 2020. “When we met Gaurav, he stood out as a founder and his mission to create a portfolio of affordable, clean-label plant-based proteins was something we saw as an international trend. The Indian market is gearing up for a protein-rich, eco-friendly meat alternative and we are delighted to have supported GREENEST from the start of their journey,” said Rajeev.
According to Future Market Insights market report “The Plant-Based Revolution: Growth Opportunities and Winning Strategies in the Global and Indian Plant-based food market”, the Indian plant-based food market is expected to reach $400-450 million Americans in the next 5 years. India is a leading producer of protein-rich crops and is well placed to serve the domestic and international plant-based foods sector.
GREENEST (https://greenestfoods.com) is India’s leading plant-based protein start-up working to create hyper-realistic meats made using cutting-edge research. With a strong presence across digital and offline distribution channels, GREENEST caters to a growing base of environmentally conscious consumers looking to replace their favorite meat dishes with plant-based alternatives.
Better Bite Ventures (https://www.betterbite.vc) was created by Michal Klar and Simon Newstead, two Asia-Pacific-based operators turned impact investors. With a combined 20 years of live plant and industry expertise, including running the Future Food Now newsletter and Vegan Startup podcast, and investment and business building experience in food and technology, the two are eager to help fuel a new wave of alternative APAC protein startups.
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