Home Food Service GREENEST secures pre-seed funding from alt protein investors

GREENEST secures pre-seed funding from alt protein investors

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India’s Plant protein brand GREENEST has announced pre-seed funding from Asia’s leading alt protein VC Better Bite Ventures and India’s Food & agri industry veteran Sachid Madan. GREENEST did not disclose the quantum of investment but said that the amount raised will be used for expanding the organization, its product line up and distribution footprint.  The company says it has B2B partnerships with some 200 food service players, including the likes of many progressive restaurants and chains such as Burgrill, Wat a Burger, Chocolate Room, Biggies Burger, Freshmenu, and Eatfit, among others.

Better Bite Ventures is the first-of-its-kind VC fund that is dedicated entirely to alternative protein investments in Asia Pacific. Sachid Madan, a former Chief Executive of ITC’s Fresh F&V and Frozen Foods Business, is known for starting and scaling businesses like Wheel powder for Hindustan Unilever, Act II Popcorn for Conagra India and ITC Masterchef, and has also been the Chair of FICCI’s National Agri Committee.

GREENEST said that the funding will help it to develop smarter and more sustainable ways to introduce superior and cost-effective plant-based alternative products on the Indian market. It said that the fund’s focus will be on harnessing plant-based and cellular agriculture technologies to create climate-friendly meat, dairy, egg, and seafood alternatives that are better for people, animals, and the planet.

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 market is likely to reach US$ 400-450 Million in the next 5 years. India is a leading producer of crops rich in protein and is well positioned to service both the national and international plant-based foods sector.