We’re proud to have led a seed round in Shaka Harry, a rapidly growing plant-based brand in India.
To explain why, let’s first set the scene.
As an impact fund we’re focussed solely on Asia Pacific, the most populous region in the world and with growing meat consumption driven by rising middle classes. We see it as both a challenge to be solved, particularly given animal agriculture’s large climate footprint, as well as a great investment opportunity.
Which brings us to India, soon to be the most populous country in the world, and a nation we believe can become a global alt protein innovation hub.
India has one of the lowest per-capita meat consumptions in the world. Despite that, over 70% of the population identify as non-veg with over 40% eating meat at least once a week, and meat consumption is on a steady rise. So we’re excited about the potential for India to leapfrog other markets in adopting climate friendly smart proteins driven by a growing group of conscious consumers wanting something better for the planet and health, and avoid the unfortunate path taken by other countries with far higher per-capita consumptions.
And there’s also been a wave of entrepreneurial activity in India particularly in the past couple of years, and at the forefront of it is Shaka Harry.
With deep food tech and flavor R&D in house, they’ve developed a range of 11 plant-based SKUs ranging including chicken momos, kebabs, nuggets and patties, mutton seekh kebabs, keema, samosas, stuffed parathas and more. And they’ll be introducing 6 more over the next quarter, aiming to have products for all snacks and meals from morning to night.
And the products are getting rave reviews with both channel partners and end customers as well. And, it’s a win win for consumers, allowing the celebration and social currency with friends and family, indulgent tastes and family traditions that’s often associated with non-veg, in a way that’s far better for the planet and health.
Co-founders Anand Nagarajan, Sandeep Devgan, Hemalatha Srinivasan, Ruth Renita and Anoop Haridasan have a unique mix of entrepreneurial trackrecord in green/tech, combined with in depth food operations and R&D with some of the leading consumer companies in India.
We were impressed in getting to know this mission driven team - with how they combined big picture ambition with tactical execution - letting them launch into multiple channels with a monthly customer base of 25,000 and over 500 locations expected to grow rapidly. And in addition to serving a huge domestic audience, having the ambition to take these unique culinary creations globally is a further opportunity.
We’re proud to get behind this dynamic team and make a big impact in India and beyond.