Indian plant-based dairy startup Goodmylk has acquired domestic nutrition brand PRO2FIT. The two have cited a shared vision of food security and plant-based goodness for all as the foundation for the merger. Making sustainable food choices affordable and widespread is the ultimate goal for Goodmylk.
News of the acquisition comes as India’s plant-based sector continues to grow quickly, however recent 2021 alt-protein investment analysis revealed that India remains an under-backed region. Goodmylk identifies this as an opportunity to drive industry development and domestic plant-based ingredients, at scale. Its acquisition of PRO2FIT is on-brand with its message of Indian progress.
A balancing act
“Consumers today want more than functional products – they want to feel good about what they eat,” Abhay Rangan, co-founder of Goodmylk said in a statement. “It is important to balance claims of functionality with clean labels, price and taste. Nutrient-dense, clean label plant-based foods are the future, and we are excited to enable this with PRO2FIT on board”.
Goodmylk recently closed a successful extended seed round, bringing in a further $1 million for plant-based dairy expansion. Domestic and international investors alike came on board to bolster the family-founded company. No details were provided as to potential future projects, though the message of making plant-based dairy accessible to everybody in India remained unchanged.
Goodmylk started as a door-to-door delivery service in 2017 and has grown into a brand with nationwide distribution via its own website and big e-commerce platforms including BigBasket. It currently creates a range of cashew-oat mylk, cheese, peanut curd, mayo, spreads and butter, which are all vegan-friendly.
PRO2FIT develops a range of plant-based supplements and proteins for fitness and wellbeing. It was founded by husband and wife duo Payal and Saurabh Shah. “There is a shift in focus of consumers towards preventive care and wellness in terms of balanced and adequate nutrition in the form of external supplementation/fortification,” co-founder Saurabh Shah said in a statement. “We believe there is a major change in the coming years for plant-based nutrition and it’s exciting to share this journey with Goodmylk.”
Goodmylk has already added PRO2FIT products to its wellness category, on its direct-to-customer website.
GFI India’s take
In terms of the smart protein sector, GFI India has been explicit in its belief that there is huge potential for growth. As an answer to climate change, food security concerns, public health and resource allocation, it holds vast promise for countries such as India. “Smart protein is a transformative sector for human and planetary health, and milestones like this acquisition indicate that the industry is beginning to mature,” Varun Deshpande, managing director of GFI India, said in a statement. “As companies like PRO2FIT and Goodmylk continue to marry food science, great taste, and nutrition, we’re in for an exciting new phase of growth.” He has previously predicted plant-based dairy as a “major economic engine for India”.
Jumping on the alt-dairy momentum are a number of domestic startups. alt foods is one, seeking to create sustainable plant milk using indigenous crops. Supported by GFI India, the brand has developed a range of dairy drinks made with sprouted sorghum, finger millets, oats and amaranth. Original and chocolate flavours were touted for release early this year.
MilkinOats, the first homegrown oat milk brand in India, has diversified its portfolio. Firstly, with vegan chocolate, then with personal care items, as Goodmylk did.
All photos by Goodmylk.