Indian plant-based meat venture raises $2m in seed funding

Plant-based meat company Shaka Harry has secured US$2 million in a seed round led by regional fund Better Bite Ventures. Food investor Blue Horizon and venture debt fund Panthera Peak also participated in the round.

Photo credit: Shaka Harry

The company, which offers a range of meals and snacks designed around Indian cuisine, says it currently has a monthly customer base of 25,000 in Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Pune, Ahmedabad, and Gurgaon combined.

According to a company statement, Shaka Harry is also planning to grow aggressively over the next five years, with a goal to deliver its products to every Indian household.

India has been earmarked as an increasingly lucrative market for plant-based meat startups, as a large segment of non-vegetarians in the country is looking to reduce meat consumption due to sustainability and health concerns.

“Plant-based meats have a huge scope of acceptability in India, particularly among the growing flexitarian population. Yet not many brands have been able to make a mark due to the inability to replicate real meaty tastes in vegetarian profiles,” says Shaka Harry co-founder Sandeep Devgan.

See also: Mapping Southeast Asia’s alt-meat makers