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Evo Foods, India’s first plant-based egg startup, has revealed that it will be launching its first liquid egg alternative in India this year through its direct-to-consumer website and restaurants across the country. Once it establishes a foothold in India, the food tech has ambitious plans to launch in the U.S. through foodservice by April next year.
In a recent interview with FoodNavigator, co-founders of Evo Foods Kartik Dixit and Shraddha Bhansali announced that they plan to begin selling their first product, a legume-based liquid egg alternative, through its online website this year with the cost to rivalling conventional organic eggs in India. The Mumbai-based food tech will also be partnering with restaurants in Mumbai, Delhi and Bangalore to bring its vegan-friendly egg to Indian consumers.
Founded in 2019, Evo Foods has previously told Green Queen that it uses biotechnology to harness plant proteins derived from lentils to create a 100% vegan liquid egg product that is more sustainable compared to conventional eggs, contains no cholesterol, no antibiotics and is animal cruelty-free.
India has so much crop biodiversity and we want to explore these, and use these proteins readily available to produce affordable and high quality products for the rest of the world.Shraddha Bhansali, Co-Founder of Evo Foods
“Our product contains micronutrients, is significantly lower in fat, contains zero cholesterol and is high in protein,” explained Dixit in the interview with FoodNavigator.
Bhansali added that the startup has ambitions beyond India, and hopes to establish a presence internationally. “India has so much crop biodiversity and we want to explore these, and use these proteins readily available to produce affordable and high quality products for the rest of the world,” she told the publication.
To that end, the first overseas market that Evo Foods has set its sights on is the U.S., where it plans to enter the market via foodservice by April 2021. According to the report, the startup is already in talks with restaurants in New York City to launch pilot trials of its product.
Our product contains micronutrients, is significantly lower in fat, contains zero cholesterol and is high in protein.Kartik Dixit, Co-Founder of Evo Foods
While the firm’s current liquid egg product requires refrigeration and boasts a shelf-life of six months, they plan to continue product development to improve not just the the taste and texture of the product, but to also tick the boxes for shelf stability – a major opportunity to close the gap in the market for millions, particularly in developing countries in Asia, who lack access to electricity to power cooling systems such as refrigerators.
Having raised funding from angel investors including veteran vegan investor Ryan Bethencourt and Sandhya Sriram, the founder of Singapore’s cell-based seafood startup Shiok Meats, as well as from venture capitalists like VegInvest, the startup will gear much of the capital towards accelerating its growth timeline.
Speaking to Green Queen at the time, Bhansali said: “We are proud that Evo has been garnering all the right attention from mission aligned mentors and investors. We’re so excited for more things to come.”
Lead image courtesy of Freepik.