Plant-based egg startup Evo Foods from Mumbai is currently on a mission to transform India’s egg market with its 100 per cent plant-based liquid egg product. It is harnessing proteins derived from lentils to create a total vegan liquid egg product that is more sustainable in comparison to conventional eggs. With the product yet to hit the market, the startup has recently secured its first angel investment. NuFFooDS Spectrum took this opportunity to find out more about this innovative product and interacted with Kartik Dixit, Co-Founder & CEO, Evo Foods.
Please share more details on the recent funding raised by the startup? How do you plan to use it?
We are extremely happy to share that our first investment came from Ryan Bethencourt, Big Idea Ventures, VegInvest and Dr Sandhya Sriram. Notable fact is that we are the first investment for both of them in India which re-affirms our belief in the unique potential of India for the alternative protein sector globally. We are also joining the Big Idea Ventures New York city accelerator as a part of their second cohort of alternative protein startups. Our plan is to use this investment to intensify our R&D process, hire talent and prepare for our market launch.
What are the key and unique highlights of Evo Foods?
Evo Foods is not just a plant based, niche, vegan products company. We are a clean protein company which is offering the Indian consumer a better way to have their beloved protein sources every day without any risk of antibiotics, salmonella and other harms associated with intensive animal agriculture. We work towards bringing traceability, safety and efficiency in the egg supply chain in India using cutting edge food technology to create an evolved egg replica with nothing but plant based ingredients.
How do you plan to bring a plant-based revolution in India? What challenges lie ahead?
Egg is seen as a protein source by the majority of the population in India and per capita egg consumption is almost 70 eggs. Regardless of their religious beliefs and cultural norms, people view eggs as both vegetarian and non-vegetarian. Doctors and dieticians recommend it to their patients as a protein source but cholesterol is a huge issue for people with health and fitness goals. There is a clear need for an egg which is free from cholesterol, antibiotics and salmonella risk. So, we are going to start from a plant based liquid egg substitute first to break into the market and build a go to clean protein brand. After there is a level of trust between customers and Evo, we will reveal other exciting innovations we are working on.
How do you foresee the growth of egg replacement market in India?
Total egg market in India is pegged at $2 billion but it is highly unorganized and there is a huge lack of traceability in the supply chain. I think that our consumers are going to leapfrog from the current egg supply chain to a plant based substitutes supply chain over the next 5-10 years. We are predicting that we can bring our price down to compete with free range organic eggs before 2025 to tap a wider market and go beyond tier 1 cities.
How is the ongoing COVID-19 crisis impacting your plans?
COVID-19 has accelerated the alternative protein sector. People are demanding better alternatives. During the past few weeks, we have gotten thousands of requests from people to launch as early as possible because they want our product for their family. We are adjusting to the current scenario and changing our go to market strategies a bit. Also we are getting a lot of enquiries from potential partners in the US, China and other geographies. I foresee that we will be present in the US with a partner within a year or two. We are moving speedily now!
Dr Manbeena Chawla