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Sixth Sense Ventures, the consumer-focused venture fund, has invested an undisclosed amount in plant-based meat company, GoodDot.
Udaipur-based GoodDot will use the funds to strengthen its presence in Indian and international markets. It will also step up spends on R&D, marketing and wider distribution, a statement added.
Nikhil Vora, Founder and CEO of Sixth Sense Ventures, said, “We believe that going forward, consumption preferences will evolve increasingly fast towards meat alternatives on the back of health, ecological or compassion-related reasons. Validation by HoReCa is critical for a new food category, and with endorsement by leaders such as Domino’s and other institutional customers, GoodDot has emerged to be the leader in plant-based meat in India.”
Expassion of retail QSR outlets
GoodDot currently sells its products through direct-to-consumer channels, e-commerce platforms as well as over 7,500 offline stores. Besides India, the company has a presence in international markets such as Canada, Dubai, Nepal, South Africa and Singapore and plans to foray in markets such as US and Europe in the coming months. It is also looking at expanding the roll out of its retail QSR outlets under two formats ‘GoodDo’ and ‘GoodKhana’, which are currently in Mumbai, Delhi, Udaipur and Kathmandu.
Also read: Meat alternatives get more pizzazz
“We are delighted to have concluded this round of funding with Sixth Sense Ventures. We are confident this strong partnership will enable GoodDot to position itself as a force to be reckoned within the space of plant-based meats not only in India, but across the world,” said Abhishek Sinha, CEO and Co-founder of GoodDot.
J R Laddha Financial Services was the exclusive advisor for the deal. Satish Ganega, VP- Investment Banking at J R Laddha Financial Services added, “Excited to see the ace investor place confidence in a breakthrough product and a passionate team. It would be interesting to see this collaboration take on the global industry titans in the coming years.”
Globally, the size of the meat substitutes sector is pegged at $20 billion and in the US, plant-based meat industry has grown over $1 billion in sales.
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