Evolved Foods, a plant-based protein company, has announced the closure of its seed round of ₹7.30 crore.

The seed funding was led by Zerodha-backed Rainmatter Health and Kamala Capital. The round also saw participation from Anvitha Prashanth (Anyaa Ventures), and Aprameya Radhakrishna (Founder of KOO App); and a group of angel investors such as Rachel Goenka and Karan Khetarpal (Goenka Ventures Family Office), BG Mahesh (Founder/ex-MD of OneIndia.com), Sushant Arora (Cofounder of CleanMax Solar), Swapnil Shah (ex-Brand head, Proctor & Gamble), and Vananam Ventures Trust, the company said in a statement.

Plant-based meat

Evolved has developed plant-based meat, which uses ingredients such as soy, coconut and rice protein.

Roma Roy Choudhury, Founder and COO of Evolved said, “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. 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 said, “Most Indians don’t get enough protein from 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 Evolvedstated, “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. This investment will support us in accelerating our growth plans, and help us to capitalise 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 and The Good Food Institute India, the combined domestic and global market size for Indian plant-protein companies is expected to reach ₹12,708 crore by 2030.