The funds raised will be used towards expanding their product portfolio and distribution, in an attempt to make plant-based dairy functional and accessible to all in India.
Goodmylk, a Indian plant based dairy startup, has raised INR 7.3 crore/ USD 1 million in an extension of their seed round. This brings the company’s total capital raised till date to $1.8 million.
Investors Jinisha Sharma, Aditya Agarwal (AIprime Nutritions Pvt Ltd), Victoria and Abhishek Shroff, Sustainable Food Ventures, Ice Breakers Technologies Syndicate via Angellist, and Bento Box join existing investors Sid Kothari, and VegInvest Trust who also participated in this round.
The fundraise comes after rapid growth and their expansion to cities Mumbai, Hyderabad, Delhi and Chennai, in addition to strengthening operations in Bengaluru. The funds raised will be used towards expanding their product portfolio and distribution, in an attempt to make plant-based dairy functional and accessible to all in India.
Investor Sid Kothari of the Om Kothari Group says ‘Goodmylk has a fantastic founding team who are great executors, they are well-loved within the community, and their products are delicious. I am proud to be an investor in India’s best emerging startup in the sunrise plant-based space.’
Plant-based dairy and the broader category of plant-based foods is a rapidly growing area of entrepreneurship and innovation in the country. Dozens of companies across the country are entering the space, mirroring the global landscape and driven by rising Indian demand for sustainable foods. Research from expert nonprofit Good Food Institute India shows that a large majority of plant-based dairy consumers are health-conscious, highly engaged and informed about their food choices, and continue to consume animal-derived dairy – indicating that these foods will continue to coexist with animal dairy and drive growth for the overall dairy landscape.
Founded in 2016 by a mother-son duo Veena S and Abhay Rangan, Goodmylk welcomed Radhika Datt as CFO and co-founder in 2019. Dhivakar Sathyamurthy, who joined in 2018, leads the company’s sales and operations function. Rangan has been named to Forbes 30U30 India and 30U30 Asia lists over the last few years, and the company has grown into one of the leading plant-based dairy producers with pan-India distribution
Goodmylk CEO Abhay says ‘We are excited to welcome on board more mission aligned backers to help scale India’s role in the massively transformational alternative proteins space. We aim to help increase food security, and help everyone access more sustainable and ethical products that are good for all.’
CFO Radhika Datt says ‘This fundraise signals the increasing acceptance of the plant-based space. Consumers can only make better choices when they are available and that’s what we’re here to do’.
Good Food Institute India MD Varun Deshpande says ‘Dairy is a major economic engine for India. With a groundswell of entrepreneurship, research from eminent Indian universities in plant-based dairy foods utilizing our indigenous crops such as millets, and growing demand for these products, plant-based dairy foods show promise to be a high-growth portion of that portfolio and benefit farmers and consumers alike. Companies like Goodmylk are at the vanguard of this transformation, and we are glad to see investors show their support for Goodmylk and plant-based foods.”
Source: Business World