Goodmylk raises Rs 7.3 cr in seed round extension for plant based food
Goodmylk, a prominent plant-based dairy startup in India, has raised Rs 7.3 crore in a seed round extension. This takes the total funding raised by the company to $1.8 million to date.
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 previous investors Sid Kothari and VegInvest Trust.
The fundraising effort follows the company's quick development and expansion into cities such as Mumbai, Hyderabad, Delhi, and Chennai, as well as bolstering operations in Bengaluru. The funds raised will be utilised to develop their product variety and distribution network in India, with the goal of making plant-based dairy functional and accessible to everyone.
Sid Kothari, founder and CEO of the Om Kothari Group, stated, "Goodmylk has a strong founding team that is excellent at execution, they are well-loved in the community, and their products are delectable." I am honoured to be an investor in India's most promising developing firm in the dawn plant-based sector.”
Plant-based dairy and, more broadly, plant-based foods are a rapidly increasing field of entrepreneurship and innovation in the country. Dozens of enterprises are entering the area across the country, following the worldwide trend and fueled by India's growing demand for sustainable foods.
According to research conducted by the non-profit Good Food Institute India, a sizable 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 coexist with animal dairy and drive overall dairy growth.
“We are pleased to welcome additional mission-aligned investors to help India scale its position in the enormously transformative alternative proteins space,” said Abhay, CEO of Goodmylk. We want to contribute to increased food security and ensure that everyone has access to more sustainable and ethical products that benefit everyone.”
‘This fundraising effort demonstrates the growing acceptance of the plant-based space,' said Radhika Datt, CEO of Goodmylk. Consumers can only make better choices when they have access to them, which is what we want to provide.”
“Dairy is a significant economic engine for India,” said Varun Deshpande, MD, Good Food Institute India. With a groundswell of entrepreneurialism, research from eminent Indian universities on plant-based dairy foods made from indigenous crops such as millets, and growing demand for these products, plant-based dairy foods show promise to be a high-growth segment of that portfolio, benefiting both farmers and consumers. Companies like Goodmylk are leading this revolution, and we are pleased to see investors backing Goodmylk and plant-based foods.”