Eggs have for generations been synonymous with proteins. It is no secret that human beings need protein for good health. While the debate on eggs being vegetarian or non-vegetarian goes on, some companies have evolved beyond these debates in the pursuit of making plant-based, better egg alternatives to traditional eggs.
The Art Of Naming A Brand
In the quest to transform human lives and non-human lives on the planet and bring forth the plant-based revolution from India to the world, Evo Foods was established in October 2019 by Shraddha Bhansali and Kartik Dixit.
The mission at Evo Foods is to eliminate animals from the food chain. The company is called Evo because it attempts to start a plant-based food revolution and because it is time to evolve the way we eat. Thus, the team conceptualised an ambitious idea of a plant-based egg company.
Early investors and advisors like Ryan Bethencourt (ex-IndieBio), VegInvest and Dr Sandhya Sriram (Shiok Meats’ founder), and many more helped shape the company. The founders were also a part of the Big Ideas Ventures accelerator, which helped shape an idea into a start-up business.
Managing The Falls And Stabilising The Brand
The current egg market is $227 Billion globally and $2 Billion in India. Evo Foods stands firm with its dedication to not just being another plant-based or vegan company but a better food alternative company. The current target market is the organic egg market, and the customers are the people who are looking for ‘better egg’ alternatives.
Evo Foods’ goal is to give the customer high-quality, affordable protein sources from eggs at a better price which makes it very competitive with organic eggs because they have all the nutrition without antibiotics, no cruelty, and are cholesterol-free. The current customer demographics in India are the metropolitan cities; Mumbai, Delhi, and Bangalore.
The plant-based industry or alternate protein industry in India is at a nascent stage at the moment. The immediate plan is to expand to the USA before other parts of India. Currently, they are focused on online and B2B distribution and will start looking at retail soon. The business and product challenges stem from the fact that India largely does not have the infrastructure to support such kinds of productions. Therefore, it’s about finding the right co-packers and supply chain.
Many companies and products from the alternative protein industry are essentially refrigerated or frozen. This supply chain can be tricky in a country like India with extreme temperature fluctuations. These have proven to be major challenges in managing and supply chain.
Evo Foods’ Usp That Is Solving The Problem
There has been such consistent and rapid evolution in all aspects of civilisations. When we look at the three pillars of civilisation; energy, transportation, and food, we’ve managed to make energy and transportation more sustainable. However, the evolution of the food industry has remained the same.
The only change seen is the variation in packaging. Evo is paving the way, especially in India, by making plant-based protein alternatives available. It is time to have a better nutrition source that works to better our planet and health. Evo Foods’ better eggs have all the protein content and the micronutrients or a traditional egg minus the antibiotics. This makes them much more sustainable. And because it is plant-based, it includes people regardless of their diet, food preferences, and allergies. These are the problems that the brand is actively looking out for by making a better egg.
The target group is millennials from the upper-middle class of India and all those who want to explore a varied protein source while foregoing non-vegetarian food. The target audience is not considered vegetarian, non-vegetarian, or vegan. They are simply considered as people who are conscious of their health, sustainability, and the environment.
Evo Foods is Asia’s first plant-based egg company, and its USP is an innovative alternative protein company based out of India, making affordable, high-quality protein sources for the world. They also created the World’s First Plant-based Heat Stable boiled egg and will launch their liquid egg product very soon.
Evo Foods’ Strategy In Play
Any individual looking for a better source of protein than eggs can now look at Evo Foods’ Eggs. For vegetarians and vegans, this is the best way to expand their current protein sources. Their strategy is to position the brand as a better egg brand.
Here is their marketing plan and distribution channel:
In terms of distribution of Evo Foods Eggs, the brand is working on a hybrid model – online and offline channels. Their primary focus would be pushing Evo Foods Eggs through D2C (Direct to consumers) in India. Evo Foods eggs are also available in a few restaurants across Mumbai. Their growth channels are via restaurants, hotel chains, and online through our website, and we would be planning for retail in the coming years.
Of Funding And Evo Foods’Subsequent Story
Evo foods have raised $945,000 in pre-seed money, one of India’s largest-ever buying early-stage food start-ups. Notable investors are Shaun Neff; branding genius, investor, and co-founder of Beach House, vegan investor Ryan Bethencourt’s micro-VC fund Sustainable Food Ventures, Anil Advani of Inventus Law, Vaibhav Domkundwar of Better Capital, vegan investor Michiel Van Deursen of Capital V, as well as Sweden-based Kale United, and so on.
Evo Foods will be launching in Mumbai at the end of June and will be available on their website. The brand is working on launching its business in the USA by the end of the year. The vision is to be the world’s most successful and affordable plant-based protein source. They are looking to compete with the prices in the organic egg industry and make Evo Foods accessible globally.
Short Brief About The Co-Founders
Shraddha is the COO and co-founder at Evo Foods. A passionate foodie and sustainability entrepreneur, she previously owned and operated a vegetarian restaurant and bar in Mumbai called Candy & Green. Her entrepreneurial spirit has been recognised by the likes of Forbes who have included her in their 30 under 30 list for India in 2018 and Asia in 2021. An avid sustainability activist, she has given a TEDx talk and serves as the Sustainability and CSR head for the National Restaurant Association of India (Youth Committee). Through Evo Foods, Shraddha aims to provide sustainable and cruelty-free food options to the end consumer.
Kartik is the CEO and co-founder at Evo Foods. An environmental vegan for three years and an entrepreneur at heart, Kartik had previously worked on an online grocery delivery platform and a cultivated meat company. Being an ardent proponent of sustainability, traceability, and safety in food, he is instrumental in building up the plant-based and cell-based substitutes sector in India and he represented our country at the first European conference on new protein in Berlin. He is also one of the youngest fellows of the start-up leadership program, which is a highly selective, world-class training program for outstanding founders, leaders, and innovators.