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§ Private Profile · Mumbai, Maharashtra
Plant-based food company developing liquid egg alternatives that mimic conventional eggs for consumers and foodservice in India.
Evo Foods is a food technology company based in Mumbai, India, that develops plant-based liquid egg alternatives designed to replicate the taste, texture, and functionality of conventional eggs. The organization utilizes advanced plant biochemistry to manufacture cholesterol-free protein substitutes, including liquid eggs, boiled eggs, and egg patties, which are distributed through foodservice, direct to consumer, and retail channels. The enterprise has secured $2.6 million in total funding to scale its alternative protein manufacturing operations and expand its product availability across the broader Indian consumer market. Backed by prominent industry investors such as Big Idea Ventures and Wild Earth chief executive officer Ryan Bethencourt, the business demonstrated early commercial traction by selling over 3,000 egg equivalents within 20 days of its initial online launch. Evo Foods was founded in 2019 by Kartik Dixit and Shraddha Bhansali.
Evo Foods has raised $850K across 1 funding round.
Evo Foods has raised $850K in total across 1 funding round.
Evo Foods has raised $850K across 1 funding round. Most recently, it raised $850K Seed in April 2021.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Apr 1, 2021 | $850K Seed | — | Babel Ventures, Better Capital, BIG Idea Ventures, Bling Capital, Capital V, General Catalyst, Green Generation Fund, Jungle Ventures, SOSV, Bhavin Turakhia, Girish Mathrubootham, Munish Varma, Anil Advani, Sandhya Sriram, Shaun Neff, Stephanie Downs, Vaibhav Domkundwar, GlassWall Syndicate, Hearthstone Investments, Kale United, Seven Hound Ventures, Ryan Bethencourt | Announced |
# Evo Foods: High-Level Overview
Evo Foods is a foodtech company, not a traditional technology company, though it operates at the intersection of food science and technology. Founded in 2019 and based in Mumbai, India, Evo Foods develops plant-based egg alternatives using advanced plant biochemistry and proprietary food science[2]. The company targets the vegan and vegetarian market, as well as food manufacturers and restaurants seeking sustainable protein solutions[1].
The company addresses a critical gap in India's protein market by creating clean, plant-based substitutes that replicate the functional and nutritional properties of traditional eggs[2]. Evo Foods' liquid egg replacer is fortified with vitamin D and branched-chain amino acids, matching traditional eggs in protein content, taste, and texture[2]. This positions the company within the broader alternative protein sector, which is experiencing robust growth driven by consumer awareness of health and sustainability concerns[1].
# Origin Story
Evo Foods was founded in 2019 by Shraddha Bhansali and Kartik Dixit, both second-time entrepreneurs who met at a food conference in Mumbai in 2018[2]. Dixit, the CEO, brings deep expertise in the alternative protein space, having previously worked for a cultivated meat company and represented India at Europe's first conference on new proteins[2]. Bhansali, the COO, is a self-professed foodie and vegan who also operates Candy & Green, a restaurant where early prototypes were tested[2].
The founders' shared mission was to "bring the plant-based revolution to India and introduce a clean protein in the Indian market"[2]. Their approach combined rigorous food science with indigenous plant knowledge—they identified two plant proteins extracted from legumes that could replicate eggs' functional properties[2]. The company tested its liquid egg replacer in-house at a pilot facility and at Bhansali's restaurant before commercialization[2].
# Core Differentiators
# Role in the Broader Tech Landscape
Evo Foods operates within the alternative protein sector, which is experiencing 28.8% compound annual growth driven by foreign direct investment in emerging markets with abundant raw materials[1]. The timing is particularly favorable in India, where plant-based adoption is nascent compared to Western markets, and where traditional protein sources face sustainability and health concerns.
The company benefits from several macro trends: growing consumer awareness of health risks associated with excessive meat consumption, restaurant and hotel chains actively sourcing alternative proteins, and prominent players investing heavily in R&D for organic, non-GMO products[1]. By positioning itself as a B2B ingredient supplier rather than a direct-to-consumer brand, Evo Foods can scale through food manufacturers and institutional buyers—a more defensible market position than retail-focused competitors.
# Quick Take & Future Outlook
Evo Foods is well-positioned to capture emerging demand in India's alternative protein market, but faces the challenge of scaling production and securing distribution partnerships with food manufacturers and restaurants. The company has raised $950K to date, with its last funding round occurring four years ago, suggesting it may be seeking additional capital to accelerate commercialization[1].
The company's future trajectory will depend on its ability to move beyond niche vegan markets into mainstream food production—where functional egg replacers can compete on cost and performance rather than ideology. As India's foodtech ecosystem matures and consumer preferences shift toward sustainable proteins, Evo Foods' combination of rigorous food science, local plant sourcing, and B2B positioning could establish it as a foundational ingredient supplier in Asia's alternative protein supply chain.
Evo Foods has raised $850K in total across 1 funding round.
Evo Foods's investors include Babel Ventures, Better Capital, Big Idea Ventures, Bling Capital, Capital V, General Catalyst, Green Generation Fund, Jungle Ventures, SOSV, Bhavin Turakhia, Girish Mathrubootham, Munish Varma.