Indian plant based meat company Shaka Harry said Wednesday it has received a total investment of $2 million in seed funding round led by Better Bite Ventures, Blue Horizon and venture debt fund Panthera Peak.
Other investors include; Dexler Holdings, Chef Manu Chandra and a group of domestic family offices and angel investors, Shaka Harry said in a statement.
“It is the most exciting time to launch a consumer brand on the smarter protein platform. We are already the best performing brand in the online stores where we have presence. Our products are doing significantly better than competition on taste and customer response. When we think about sustainability, we usually think about energy and transportation,
“Food is an area that can move the sustainability needle much more. Winning a consumer segment in the food space needs a well-designed product range, deep expertise in taste and flavour and consistent customer experience. The team at Shaka Harry, with in-house flavour and taste solutions coupled with an experienced team is poised to build the market leading brand in plant-based products,” said Anand Nagarajan, Co-Founder of Shaka Harry.
Sandeep Devgan, Co-founder, Shaka Harry said 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. That’s where Shaka Harry has been able to make a difference. By partnering with top flavourists, who are masters in recreating impactful meaty top notes using vegetarian ingredients, we have been able to offer Indian consumers a first-of-its-kind ‘just-like-chicken’ & ‘just-like mutton experience’ minus the guilt,” he added.
Shaka Harry is a brand that is here to disrupt the food market with its delicious and innovative plant-based-meat products that not only taste just like meat but are also better – both for yours and the planet’s health.
“As an Asian alt-protein fund, Better Bite Ventures invests in early-stage startups creating a more sustainable food system in the most populous region in the world. And as such, we’re particularly optimistic about India’s opportunity. The nation has a clear opportunity to become a regional leader in plant-based foods and leapfrog other countries in adopting climate-friendly smart proteins, driven by a growing movement of conscious consumers motivated by taste, health and the environment,
“Which leads us to our investment in Shaka Harry, who brings a range of crave-worthy, locally resonant plant-based products to market. We’ve been impressed by both the team, technology and traction with consumers and channels alike. Anand’s vision to have products to enjoy from morning till night, from snacking to main meals, and for everyone resonates strongly. We’re excited to support the team for long term success in this important market,” said Simon Newstead, Founding Partner of Better Bite Ventures said.
Shaka Harry has a monthly customer base of 25,000. The monthly growth expected for the next few quarters is around 20 percent to 30 percent. Shaka Harry aims at aggressive growth over the next five years. Its range of products are available across Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Pune, Ahmedabad and Gurgaon.
“We are very excited about our first investment in India. Shaka Harry is one of the first mover in a new sector offering a wide product range tailored to the Indian cuisine. This will work well not only in India but also internationally,
“In a very recent study, a large consumer survey conducted by Blue Horizon and BCG, we found that taste, nutritional value and health aspects rank highest when considering to increase the consumption of alternative proteins. Shaka Harry addresses all these points and we look very much forward to working together with this highly focused and impact-driven team,” said Bjoern Witte, Chief Executive Officer of Blue Horizon.
Shaka Harry has a large assortment of plant based “Ready to Eat” foods range for customers looking to substitute or supplement their meat intake with plant-based foods. The goal is to offer Shaka Harry as a healthy and tasty meat alternative and to deliver Shaka Harry products to every Indian household to begin a trial.
“We invest in early stage startups led by visionary entrepreneurs. This is one of the main reasons we have backed Shaka Harry as the founding and leadership team bring in lot of experience and expertise of the sector,
“The growth of plant-based meat sector in India, coupled with the Direct-to-Consumer boom underscore a massive potential for the Shaka Harry range of products. Further, their vision of becoming a plant based meat platform beyond just a product company opens doors for significant market expansion,” said Nikhil Bhandarkar, Founding Partner and Chief Executive Officer of Panthera Peak Ventures.
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