When Shraddha Bhansali and Kartik Dixit launched Evo Foods in Mumbai in 2019, they set out to change India’s food landscape by creating a plant-based liquid egg that’s as nutritious and versatile as the real thing minus the cholesterol and animal cruelty. Led by their shared passion for sustainability and clean eating, the duo combined their backgrounds in food entrepreneurship and biotechnology to develop a product that caters to India’s vegetarian community while innovating new food options.
About the Founders
While Shraddha Bhansali, a Forbes 30 under 30 honoree, is also known for founding Candy & Green, a popular vegetarian restaurant in Mumbai,ethical. Kartik Dixit, the company’s CEO, is an environmental vegan and previously founded India’s first cell-based meat company, using his expertise in food technology and alternative proteins to drive Evo’s mission.
A Science-Driven Disruption
Evo Foods’ flagship offering is a 100% plant-based liquid egg, developed using advanced biochemistry and protein extraction from indigenous Indian legumes such as moong beans and peas. The product is designed to mimic the taste, texture, and culinary versatility of conventional eggs, scrambling, frying, boiling, and making omelets, while being cholesterol and antibiotic-free. The company’s proprietary, patent-pending technology not only ensures a comparable protein profile to real eggs but also fortifies the product with micronutrients like vitamins D, A, and B12, and branched-chain amino acids.
Market Opportunity and Growth Trajectory
India is home to the world’s largest vegetarian population, with an estimated 400 million vegetarians, making it a fertile ground for plant-based alternatives. The global egg market, valued at around $200 billion, is witnessing a surge in demand for animal-free options, with the plant-based egg segment projected to reach $1.3 billion by 2023. Evo Foods is positioning itself to capture a significant slice of this market, not just domestically but also internationally.
Funding and Investors
Since its inception, Evo Foods has attracted considerable investor interest, raising over $2.6 million in funding, including a notable $850,000 pre-seed round, one of the largest for an early-stage Indian foodtech startup. The company’s investor roster features prominent names such as Shaun Neff, Ryan Bethencourt’s Sustainable Food Ventures, Anil Advani of Inventus Law, and vegan-focused funds like Capital V and Kale United. Industry veterans, including former Beyond Meat advisor Dr. Joseph Puglisi, have also joined Evo’s advisory board, backing up the startup’s credibility and global ambitions.
Go-to-Market Strategy
Evo Foods has launched its products via foodservice channels, partnering with iconic restaurants like Café Mondegar in Mumbai, where its vegan boiled egg sold out within days of launch. The company is also in talks with major quick-service restaurant (QSR) chains and has showcased its products internationally, signaling intent for a global rollout. They want to make Evo’s plant-based eggs accessible everywhere from local Indian kirana shops to Michelin-starred restaurants worldwide.
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